Secure ATM
Problem:
Criminals are using scams such as hidden cameras, fake ATM’s, and card-skimmers to steal PIN numbers and card data from unsuspecting consumers.
Once armed with this information, criminals can easily manufacture fraudulent copies of ATM/Debit cards and use the stolen PIN to illegally access consumer’s funds via an ATM.
All of this activity can occur without the knowledge of the consumer, and often results in a consumer’s financial accounts being completely emptied of funds.
Financial institutions’ existing refund policies are a reactive approach, and only provide assistance after the consumer has been victimized.
Consumers are demanding proactive protection which prevents them from becoming victims in the first place, and they want this protection in a form which is both convenient and familiar to them.
Solution:
MagnePrint technology allows existing magstripe financial cards to be used as powerful security tokens which provide secure two-factor “strong authentication” as a customer uses their financial institutions’ ATMs.
This technology allows the ATM to reliably differentiate authentic ATM/Debit cards which were issued by the financial institution, versus fraudulent copies manufactured by criminals.
This technology can be implemented without the need to re-issue cards, and allows consumers to use magstripe swipe-reader technology that they are already familiar with. Consumers are protected in a secure proactive manner, and see a “positive association” between the financial institution’s card brand and ATM network.
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