NEW YORK, NY–(Marketwired – Jul 18, 2014) – SmartMetric, Inc. (OTCQB: SMME) SmartMetric in its patent infringement case against Visa, Inc. and MasterCard International is claiming a percentage of the savings that flow from the use of EMV cards in the United States. When assessing what this amount should be SmartMetric was looking at two companies that turnover trillions of dollars a year. Taking the reduction in fraud rates that have been documented in other countries where EMV chip cards have been deployed the actual savings from fraud each year in the United States are projected in the multi billions.
SmartMetric in its hearing on August 8th, 2014 before the Federal Circuit Court is asking the court to make a finding of infringement of the SmartMetric patent against both Visa, Inc. and MasterCard International. SmartMetric is also asking the court to rule on the principle that SmartMetric should be awarded a percentage of the savings that flow from the use of the Smtechnology patented technology.
The SmartMetric makes fingerprint activated credit and debit cards that use biometrics to defend consumers and bank’s alike from fraud. The company has added a fingerprint scanner built inside EMV payment credit and debit chip cards and uses a person’s fingerprint stored inside the card to activate the cards chip following a scan and match on the card. Thereby creating a second secure layer biometric authentication protection in defending against card fraud. The company is now actively marketing its technology to card issuing financial institutions around the World.
About SmartMetric, Inc.
SmartMetric, Inc. is a technology company that designs and engineers its own advanced products utilizing the company’s expertise in miniaturizing electronics. The company has developed a miniature fingerprint self powered fingerprint scanner and reader that fits inside credit and identity cards that are at the center of SmartMetric Inc.’s advanced biometric products. For more information please visit www.smartmetric.com.
Safe Harbor Statement
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