Businesses often have to highlight reliable research in order to demonstrate the value of the products they offer and yesterday Biometric Fingerprint Activated Credit Card maker SmartMetric Inc (OTCMKTS:SMME) came up with such an announcement.

SmartMetric the Maker of Biometric Fingerprint Activated Credit Cards Says Research Shows Credit Card Fraud Causes Direct Damage to the Card Issuing Brand and its Relationship to its Credit Card Customers

The company announced that research has revealed that financial fraud like credit card theft does not only cause damage to the customers but also to the issuing bank. The company also noted that research had also shown that as many as 69% of the victims of financial fraud also become fearful about their personal financial security. However, as many as 81% claimed to be frustrated and annoyed, while 58% admitted to feelings of anger or rage.

The company claimed that the research revealed that financial fraud of that nature often led to an extreme feeling among customers. Hence, the relationship between the bank’s brands and the customer could also be frayed due to such instances. In other words, credit card fraud could lead to a breakdown in the relationship with the bank and hence, it was a legitimate risk to banks as well. ChayaHendrick, the Chief Executive Officer and President of SmartMetric, noted that the effect of such fraud could have a long-lasting effect on the bank.