Global credit card fraud has cost more than $22 billion in 2016
In addition to the $22 billion loss figure, according to research by LexisNexis*, the LexisNexis Fraud Multiplier SM, which estimates the total amount of loss a business incurs, based on chargebacks, fees, interest, merchandise replacement and redistribution. In 2017, every dollar of fraud to merchants and firms it is estimated to cost $2.66 on average. For organizations selling digital goods and / or primarily transacting through remote channels, the cost is estimated to be even higher, at $3.48 per dollar of fraud, on average.
This accounts for more than two percent of these businesses' annual revenues, according to the research. “Card fraud is without a doubt a serious cost to business and the overall economy today," said Chaya Hendrick, President & CEO of SmartMetric.
The solution for banks and bank customers in combating card fraud is the new SmartMetric Biometric Card. The SmartMetric biometric “anti-fraud” card has a built in nano fingerprint scanner that has been designed from the ground up with both the bank and consumer in mind. The SmartMetric biometric card works with existing credit card payments and transaction infrastructure such as global networks that carry the information between banks and card merchants as well as using existing chip ready point of sale card readers and ATM’s.
SmartMetric is a USA based company that has spent over a decade in research and development to create its leading biometric credit/debit card product. It has a team of advanced engineers in Tel Aviv, Israel and has card assembly manufacturing facilities in various parts of the world. The SmartMetric biometric card technology has been developed solely by SmartMetric, which includes component engineering, electronic, design, motherboard creation and advanced mass small component assembly. The card is powered by a rechargeable battery providing years of card life while employing a very simple biometric fingerprint registration on the card similar to what consumers have become accustomed to with fingerprint recognition smartphones.
SmartMetric biometric cards are available to Banks in the United States through SmartMetric’s distributor, PROTEC Secure Card. PROTEC Secure Card (PSC), based in New Jersey, USA. Contact Tracey Breckenridge at firstname.lastname@example.org.
For sales in South America contact HOGIER GARTNER & CIA S.A. Alvaro Gartner Valencia at email@example.com.
Further details can be obtained from the SmartMetric web site at www.smartmetric.com
*Nilson Report, Oct 2017 | Issue 1118 Card Fraud Worldwide
*2017 LexisNexis® True Cost of FraudSM
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