NEW YORK, NY--(Marketwired - May 03, 2016) - SmartMetric, Inc. (OTCQB: SMME) -- According to a research report conducted by the research organization The Nilson Report, for 2015 through 2020, card fraud worldwide is expected to total $183.29 billion. In 2020, global card fraud is projected to exceed $35.54 billion. Fraud, grew by 19%, and outpaced volume, which grew by 15%. Fraud losses by banks and merchants on all cards issued worldwide reached $16.31 billion in 2014 when global card volume for the same period totaled $28.844 trillion.
My general sense of the industry, without giving away anyone’s figures, is that not only is fraud growing faster than volume, but that merchants are annoyed because declines are growing faster than fraud. We need a sea change in tackling fraud and I think there are two parts to this: changing the security vs. convenience model at the front end and changing the transaction validations model at the back end.