SmartMetric, Inc. (OTCQB: SMME) biometric credit card, invented by SmartMetric’s founder and CEO Chaya Hendrick, is protected against copying by other manufacturers by issued patents.
Patents are powerful in protecting original inventors from people or companies that try to copy the invention of an inventor. The USA founding fathers saw the economic benefit and need of protecting the inventions of inventors that protecting inventors inventions is part of the US constitution.
Chaya Hendrick, the CEO and President of SmartMetric is the original inventor of credit cards with fingerprint biometric technology built inside a credit card. As the original inventor, she has been awarded by the United States Patent Office, various patents 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 her patents.
What the SmartMetric licensed biometric patents mean for SmartMetric is that any company that seeks to produce or issue a biometric fingerprint credit card with amongst other card type products, will be stopped from doing so in the United States.
“The issued patents provide SmartMetric exclusivity particularly in the USA market, from product copy cats,” said SmartMetric’s President and CEO, Chaya Hendrick.
A couple of European based companies have set about to copy and infringe the SmartMetric patented biometric product. These companies will be unable to sell their copycat products in the USA market. Any bank or card issuer seeking to issue to its customers, biometric credit cards, will under USA patent law, have to buy such cards from SmartMetric.
The product exclusivity afforded to SmartMetric will be enforced by the company against any business that attempts to introduce a copycat biometric card product in the United States. Using the Federal Trade Commission, copycats will be stopped at the border according to SmartMetric’s President and CEO.
The SmartMetric biometric fingerprint activated credit card is coming to market in the light of alarming figures showing that businesses are suffering monumental losses due to online and at check out, fraud. What is so alarming is that the rate of growth in online fraud for merchants is in triple figures with loses for chargebacks alone being estimated to reach $30 Billion in the United States.
Chargebacks are where the credit card user amongst other things, denies making the card purchase or says they never received the goods. It is estimated that 86% of this $30 billion in “chargebacks" or to be more precise, transaction reversals, are based on fraudulent misrepresentations by the card user.
“Using the SmartMetric biometric credit card that only allows the legal card holder to use the card, protects card users, merchants, card processors and card issuing banks with state-of-the-art biometric technology built inside the credit card,” said today SmartMetric’s President & CEO, Chaya Hendrick.
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 turn on the card prior to insertion into the card reader or ATM. The cardholder’s biometrics are protected since their fingerprint is stored inside their card and never leaves the card at any time. Only the authorized holder of the SmartMetric biometric credit and debit card can use the card.
“Using the SmartMetric biometric credit card that only allows the legal card holder to use the card, protects card users, merchants, card processors and banks with state-of-the-art biometric technology built inside the card,” said Chaya Hendrick.
Further information on the SmartMetric biometric credit card is available on the company website at www.smartmetric.com
Figures used are from: https://chargebacks911.com/scary-chargeback-facts/
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