The problem with fraudulent transactions is a genuine threat to merchants all over the United States and hence, SmartMetric Inc (OTCMKTS:SMME), which is well known for having developed the Biometric Secured Credit Card, is an interesting company.
Trading Data
On Monday, SMME stock gained 18.67% to $0.0089 with 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.
Latest Buzz
Yesterday, the company was in the news once again after it shared the details from the cost of report for 2021 from LexisNexis and concluded that the cost of fraud, as things stand, is unstainable. In the report, it was observed that the cost of fraud actually went up after the coronavirus pandemic hit.
Prior to the pandemic, each dollar worth of fraudulent transactions cost the merchants $3.13 but after the pandemic, the cost stood at $3.60. It was also concluded that the yearly cost of fraudulent transactions now stands at as much as $39 billion and hence, that is ultimately not going to be a sustainable state of affairs.
The pronouncement from the company also led to significant focus from among investors and ended the day with gains of as much as 19%. At this point in time, it remains to be seen if the stock can maintain its momentum and add to its gains today.
Technical Data
SMME stock is below the 20-Day and 50-Day Moving averages of $0.0095 and $0.0109 respectively. Moreover, the stock is above the 200-Day moving average of $0.0169.
