SmartMetric Claims Recent Credit Card Fraud Figures Add Further Support for Its $13.4 Billion Patent Infringement Claim Against Visa Inc. and MasterCard International -- Recent Report Says Credit Card Fraud in United States Increased From $8 Billion in 2012 to $11 Billion in 2013
April 10, 2014 - NEW YORK, NY
SmartMetric, Inc. (OTCQB: SMME), SmartMetric the developer of fingerprint activated biometric payment cards says newly released figures by Javelin Research provide support for its claim of $13.4 Billion in pre-paid royalties from patent infringement, claimed by SmartMetric against Visa Inc. and MasterCard International.
The report by Javelin Strategy and Research, says that the direct dollars lost from credit card fraud in 2013 rose dramatically in the United States, reaching $11 Billion from $8 Billion in 2012.
SmartMetric, has a patent infringement case before the Federal Circuit Court. The company is awaiting news from the Court on the date of its hearing which is expected to take place in June of this year with a ruling on SmartMetric's motions expected within two months after the hearing. SmartMetric is seeking from the Court a judgment of infringement along with a confirmation that the defendants should pay damages based on a percentage of the economic benefit gained from the use of the SmartMetric patent.
SmartMetric is continuing its efforts and focus on bringing to market both its Fingerprint activated payments cards along with its portable electronic medical records device called the MedicalKeyring. Both products will go into sizeable production following completion of current discussions and arrangements on Wall Street.
SmartMetric, Inc. (OTCQB: SMME) is the owner of a United States Patent & Trademark Office issued patent covering the use of smartcards (EMV cards are smart cards) that connect to networks. The company develops biometric smart cards including EMV and access control cards used for payments, security and identification. For information on SmartMetric and its technology please go to www.smartmetric.com.
Safe Harbor Statement
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.
Chaya C. Hendrick
President & CEO