Fingerprinting and encryption, but it's not biometricsProduct: MagnePrint-enabled encrypting magnetic stripe reader Just as no two fingerprints are alike, no two magnetic stripes are alike. The magnetic stripe on the back of a credit or debit card contains billions of magnetic particles scattered in a random pattern. The particles (and their inherent pattern) are permanently sealed in when the card is made, creating a unique "fingerprint." This fingerprint is impossible to duplicate, according to MagTek Inc., a payment technology provider. MagTek has incorporated its MagnePrint technology, which can detect if a card is counterfeit by reading its fingerprint, into an encrypting magnetic stripe reader, delivering two powerful punches in the fight against fraud. Criminals typically make counterfeit cards after they've obtained magnetic stripe data (containing account information) stolen by an accomplice through the practice of card skimming. The stolen data are then copied onto the mag stripes of "fake" cards, which are used in fraudulent transactions until cardholders notice the suspicious activity and close their accounts. Millions of dollars are lost every year from fraud, affecting almost every entity on the transaction chain: cardholders, merchants, acquirers and banks. With MagTek's new card reader, when a legitimate card is swiped for the first time, the reader captures the card's unique fingerprint and stores it in the host database, which also reviews and accepts card transactions. If that card's data are ever stolen and then copied, the MagnePrint technology will detect the counterfeit version and the transaction will be declined. The reader also encrypts information before it is transmitted to the card processing endpoint. MagTek's MagnePrint-enabled encrypting magnetic stripe reader supports Triple DES data encryption. It is also in compliance with the Payment Card Industry Data Security Standard. It is ideal for use with self-service transactions, ticketing, car rental, retail purchases and vending applications. MagTek Inc. |
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