SmartMetric Inc (OTCMKTS:SMME) is currently best known for having developed the Biometric Secured Credit Card, which can help in stopping fraudulent transactions.
On Monday , SMME stock soared 19% to $0.0089 with more than 379k shares, compared to its average volume of 1.15 million shares. The stock has moved within a range of $0.0077 – 0.0100 after opening trade at $0.0083.
Yesterday, the company came into focus among investors after the company cited a report and stated that the continued cost of fraud in the United States to merchants remains unsustainable at this point in time. To this end, SmartMetric cited the LexisNexis report related to cost of fraud and noted that in 2021 the cost of fraud had actually gone up. Each dollar of fraud cost merchants in the United States as much as $3.60.
In this context, it is perhaps also important to keep in mind that the spike in costs of fraud had actually gone up after the COVID 19 pandemic started. The report revealed that in the pre-COVID period, the cost of fraud to merchants for each dollar of fraudulent activities stood at $3.13.
At this point in time, the year cost of fraud to merchants now stands at a staggering $39 billion. The announcement from the company resulted in a wave of optimism in the SmartMetric stock. As a consequence, the stock went up by as much as 19% yesterday.
SMME stock is trading below the 20-Day and 50-Day Moving averages of $0.0095 and $0.0109 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0169.