Global payment cards fraud losses to reach $40 billion in 10 years

By 2023 total credit, debit and other payment card transaction volume is projected to reach $57.080 trillion. Gross card fraud is projected to reach $35.67 billion.

NEW YORK: SmartMetric Inc. reports fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years according to The Nilson Report, the leading global card and mobile payments trade publication.

Losses of $27.85 billion in 2018 were up from $23.97 billion the year before. Credit, Debit and Pre-Paid cards generated $40.582 in transactions in 2018. An increase of 17.7% over 2017.

By 2023 total credit, debit and other payment card transaction volume is projected to reach $57.080 trillion. Gross card fraud is projected to reach $35.67 billion. It is further projected that by 2027 total card transactions will total $71.593 trillion.

“It has been long rumored that credit and debit cards will be replaced by other forms of payment but the reality is that credit and debit cards remain the most favored format for point of sale non-cash payments. Further it is being projected by industry analysts that this dominance in payments will continue going forward with a staggering $71,593 Trillion in transaction value by 2027,” said today SmartMetric’s President and CEO, Chaya Hendrick.

SmartMetric has embedded a fully functional fingerprint scanner inside the standard chip-based credit and debit card. It allows the card to be locked and only able to be used following the legitimate cardholder touching the sensor on the card’s surface triggering a sub second fingerprint scan and match with the users pre-stored fingerprint stored inside the card.

The SmartMetric biometric fingerprint activated credit/debit card is easy to use and allows an easy to enroll of a person’s fingerprint. The cardholders’ fingerprint is stored and encrypted inside the SmartMetric biometric card in a one-time touch and store process.

Similar to the simplicity and ease of storing a fingerprint on a mobile phone. SmartMetric secure user storage of the cardholders’ fingerprint does not require additional fingerprint reading devices in Bank branches for enrolling fingerprints. This allows the SmartMetric biometric card solution to be easily used by mass card issuers without having to change their distribution methods.

Biometric security used to activate the credit/debit card provides a much more enhanced level of security beyond the simple four-digit PIN. This enhanced security represents a major advance in the protection of cardholders and card issuing banks alike.

The current manufacturing capacity of the SmartMetric biometric credit/debit card is in excess of 1 million cards a month.

An independent research company has projected that estimated biometric credit/debit cards worldwide over the next few years will exceed 500 million cards. According to industry figures, over 9 billion credit/debit chip-based cards have been issued globally.

SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.

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