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SmartMetric Fingerprint Guarded Portable Medical Records on a Card to Fight Against Medical Insurance FraudMedicare Fraud Could Be as High as $160 Billion Each Year (July 11, 2012)
BAY HARBOR ISLANDS, FL -- (Marketwire) -- 07/11/12 -- SmartMetric, Inc. (OTCBB: SMME), developer and manufacturer of "Secured by Biometrics" Credit and Identity Cards, announced today SmartMetric's fingerprint activated in card technology is the perfect answer to today's mushrooming Medicare fraud and abuse that is estimated to be as high as $160 Billion a year.
Conservative estimates put health care fraud in the U.S. at $80 billion each year -- some say the real number is closer to $160 billion, according to CNBC Senior Correspondent Scott Cohn and CNBC Investigations Inc. in a televised report to be aired soon.
Using SmartCard technology with an inbuilt fingerprint scanner for patient identity verification, SmartMetric says it could achieve billions of dollars in savings from Medicare and Medicaid Fraud across the United States. SmartMetric has developed a SmartCard based health insurance card that has a "smart chip" that is turned on only after a person's fingerprint is scanned by the SmartMetric fingerprint sensor that is on the surface of the Insurance Card. Only the person issued with the card will be able to use the Card while the Card itself can store and track all insurance purchasers by the individual users.
The SmartMetric, Biometric Card Computer provides powerful computing with large memory capacity in a revolutionary size that has taken more than 10 years of research and development. Using the latest in sub micro technology electronics, the company has achieved a level of miniaturization that allows it to release a solution of portable computing power that, combined with SmartMetric's biometric fingerprint in-card scanning technology, is so revolutionary. It will change the way business is done and information is handled across a broad range of industries. For further information please go to the company's website: www.smartmetric.com
Safe Harbor Statement
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.
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