Business News • MarketWire • Why the Switch to EMV Chip Cards by Itself Will Not Solve the Multi Billion Dollar Fraud Loses in the United States -- SmartMetric Says Biometrics Inside the Payments Card Will Close the Gap on Fraud

Why the Switch to EMV Chip Cards by Itself Will Not Solve the Multi Billion Dollar Fraud Loses in the United States -- SmartMetric Says Biometrics Inside the Payments Card Will Close the Gap on Fraud

Why the Switch to EMV Chip Cards by Itself Will Not Solve the Multi Billion Dollar Fraud Loses in the United States -- SmartMetric Says Biometrics Inside the Payments Card Will Close the Gap on Fraud

NEW YORK, NY--(Marketwired - Aug 18, 2014) - SmartMetric, Inc. (OTCQB: SMME) - The impact on fraud from the introduction of EMV chip cards in other countries around the world has shown a 50% reduction in payments card fraud in those countries. For example when the United Kingdom introduced chip card technology onto its credit and debit cards over six years ago it saw within the first twelve months a drop in store merchant card fraud by 50%. The introduction of EMV into the United States that will see an estimated 1 billion EMV chip cards in use by the end of 2015 is expected to produce the same results. With an estimated card fraud rate of between $8 billion to $11 billion per year in the USA it follows that the card fraud rate will still be a massive $4 billion to $5.5 billion per year.

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