According to the Merchant Risk Council, the US posted $11 billion in credit card fraud losses in 2020. The US is responsible for one-third of the world’s credit card fraud, and 2020 saw even higher figures than previously.2 Using the Lexis Nexis true cost of fraud multiplier, which takes into account the total losses experienced by a merchant, this $11 billion in credit card fraud would result in an actual real-life loss to United States merchants of over $39.6 billion.
The multiplier effect of fraud takes into account the cost of restocking lost merchandise, staff hours, shipping costs etc. It estimates the total amount of loss a firm incurs based on the actual dollar value of a fraudulent transaction
A USA-based provider of fingerprint activated biometric credit cards, SmartMetric expects 2022 to be the year major credit card issuing banks around the world will move forward with the adoption of advanced biometric technology-based cards.
SmartMetric has created a credit card with a fingerprint reader built inside; when you touch a sensor on the surface of the card, it scans your fingerprint in less than a second. Your fingerprint is then matched with your pre-stored fingerprint inside of the card, and when a match occurs your card is turned on.
The SmartMetric Biometric card is designed with its own internal power source. This enables the card to function and perform the fingerprint scan prior to the card being inserted in a reader. This allows the card to be used at regular ATMs and in situations where the card is used in places like a restaurant where the card is taken away from the dinning table to be processed.
SmartMetric has issued patents and patents pending surrounding its biometric card technology.