Magtek MagneSafe Secure Card Reader Authenticators
What is MagneSafe?
MagneSafe is a digital identification and authentication architecture that proects consumers and their personal information. Made to exceed PCI regulations, MagneSafe offers strong encryption, secure tokenization, counterfeit detection, tamper recognition, data relevance and integrity, and dynamic digital transaction signatures, which together validate and protect the entire transaction and each of its components.
A key feature of MagneSafe is MagnePrint® card authentication: a patented, proven technology which reliably detects counterfeit credit cards, debit cards, gift cards, ATM cards and ID cards at the point of swipe, before fraud occurs. MagneSafe’s multi-faceted security allows for unrivaled security and flexibility for safer online transactions.
What is SCRA?
The industry is spending large amounts of money on PCI compliance and while many argue that compliance measurement is only part of the solution and genuine security should be the goal, few have deeply analyzed the issue and presented options that would truly ensure the security of cardholders and their personal data. To date, PCI mandates have only focused on the first half of the solution – making data acquisition harder. To restore confidence and convenience to the payment system, we must make stolen data very difficult to use.
The following terms describe the evolution of card reading technology and how new technologies have led to tougher security implemented to stop data breaches and the trafficking of stolen cardholder data.
MSR - Magnetic Stripe Reader reads ISO/AAMVA encoded data and transmits clear text cardholder data.
SCR - Secure Card Reader reads ISO/AAMVA encoded data, encrypts the data and transmits clear text cardholder data.
SCRA - Secure Card Reader Authenticator -reads ISO/AAMVA encoded surface layer data, reads the magnetic particulate layer below, encrypts the data within the tamper resistant authentication sensor and transmits the encrypted cardholder data along with the stripe’s dynamic digital identifiers (DI) for card and cardholder data authentication during the transaction authorization process ONLY MagneSafe secured devices fit this description.
How does MagneSafe Provide a Layered Approach?
Industry experts concur that a layered approach is the most effective one for security, and MagneSafe offers the layers needed in one easy-to-implement, scalable solution. SCRAs provide true end-to-end encryption, with the encryption occurring within the reader, along with tokenization formatting capabilities.
Encryption and tokenization are preventative measures that assist in protecting cardholder data, at rest and in motion, and at various points through the payment process. Encryption and Tokenization however, do not protect cardholder data that exists outside of the network. Here data is widely available from other data capture locations such as pocket skimmers, unattended gas pumps, phishing and pharming sites, and telephone scammers.
The multi-layer security of MagneSafe adds the unmatched protection both cardholders and relying parties need through sophisticated card, device and data authentication methods that assure a valid transaction.
SCRAs deliver dynamic payment card data (digital identifiers or DI), and magnetic card stripe fingerprinting (MagnePrint) which provides counterfeit detection, counters skimming attempts and halts fraudulent transactions in real-time. No other security device in the market today is able to do everything that MagneSafe does in one easy to implement, scalable, cost-effective solution.
MagneSafe SCRAs transform the existing magnetic stripe card into a highly secured payment and identification token with proven ability to identify counterfeit cards and prevent card fraud.
How does MagneSafe Prevent Card Fraud?
When a card-present transaction is submitted, the MagnePrint of the card read at the transaction point is transmitted along with the card and other transaction data. The MagnePrint risk management tool compares the ‘transaction MagnePrint value’ to a ‘reference MagnePrint value’ already present in the authorization database, calculates the degree of correspondence (the match value) between the two values, and makes a judgment about the card’s authenticity based on all available transaction information, including the match value.
During one test, a run of a million transactions with an acceptance threshold set at 0.5 resulted in a “false accept” rate of zero, that is all attempts to process fraudulent cards were thwarted, and the resulting “false reject” rate was only 0.027 percent.
In comparing a given ‘transaction MagnePrint value’ to its ‘reference MagnePrint value’, the scoring algorithm assigns a match value between zero (no match) and one (perfect match).
The authorization methodology allows each relying party to select an acceptance threshold between zero and one for its transactions, or even to specify a threshold that varies according to the characteristics of the transaction (e.g., more stringent for higher-dollar transactions originating from a fraud prone merchant).
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