The SmartMetric biometric credit card is protected by patents issued against copycat cats
NEW YORK–(BUSINESS WIRE)–The SmartMetric, Inc. (OTCQB: SMME) biometric credit card, invented by SmartMetric founder and CEO Chaya Hendrick, is protected from copying by other manufacturers by issued patents.
Patents are powerful in protecting original inventors from people or companies who attempt to copy an inventor’s invention. The Founding Fathers of the United States saw the economic advantage and the need to protect inventors’ inventions that the protection of inventors’ inventions is part of the American constitution.
Chaya Hendrick, CEO and President of SmartMetric, is the original inventor of credit cards with biometric fingerprint technology built into a credit card. As an original inventor, she received various patents from the United States Patent Office protecting her inventions from anyone who would seek to copy her inventions.
SmartMetric has received an exclusive license from Chaya Hendrick to develop biometric fingerprint card products based on its patents.
What the SmartMetric-licensed biometric patents mean for SmartMetric is that any company seeking to produce or issue a biometric fingerprint credit card with, among other card-like products, will be prevented from doing so at United States.
“The issued patents give SmartMetric exclusivity, particularly in the US market, from copies of Cats products,” said Chaya Hendrick, president and CEO of SmartMetric.
A few European-based companies have taken to copying and infringing the patented SmartMetric biometric product. These companies will not be able to sell their copycat products in the US market. Any bank or card issuer wishing to issue biometric credit cards to their customers will be required by US patent law to purchase such cards from SmartMetric.
The product exclusivity granted to SmartMetric will be enforced by the company against any company that attempts to introduce a copycat biometric card product into the United States. Using the Federal Trade Commission, copiers will be stopped at the border according to the president and CEO of SmartMetric.
The SmartMetric fingerprint-enabled biometric credit card hits the market in light of alarming figures showing that businesses are suffering monumental losses due to online and checkout fraud. What is so alarming is that the growth rate of online fraud for merchants is in the triple digits, with losses for chargebacks alone estimated at $30 billion in the United States.
Chargebacks are where the credit card user, among other things, denies making the card purchase or says they never received the goods. An estimated 86% of these $30 billion in “chargebacks” or, to be more precise, transaction reversals, are based on fraudulent misrepresentation by the card user.
“The use of the SmartMetric Biometric Credit Card which only allows the legal cardholder to use the card, protects card users, merchants, card processors and card issuing banks with biometric technology from integrated credit card tip,” said Chaya Hendrick, President and CEO of SmartMetric today.
The SmartMetric biometric credit and debit card developed by SmartMetric uses the cardholder’s fingerprint which is read by a Nano fingerprint scanner inside the card, to activate the card before insertion. in the card reader or ATM. The cardholder’s biometrics are protected since their fingerprint is stored inside their card and never leaves it. Only the authorized holder of the SmartMetric biometric credit and debit card can use the card.
“The use of the SmartMetric Biometric Credit Card which only allows the legal cardholder to use the card, protects card users, merchants, card processors and banks with advanced biometric technology integrated into the card,” Chaya Hendrick said.
Further information about the SmartMetric biometric credit card is available on the company’s website at www.smartmetric.com
The figures used come from: https://chargebacks911.com/scary-chargeback-facts/
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