Secure method to prevent mass credit card fraud discovered
Posted on: 26/Sep/2015 10:36:55 AM
An inexpensive, secure method to prevent mass credit card fraud using existing magnetic card readers have been developed by Amercian researchers. Existing magnetic card readers use plain text to store confidential information so they are vulnerable to an untrusted card reader or skimming device.
The new technique, called SafePay, works by transforming disposable credit card information to electrical current and driving a magnetic card chip to simulate the behaviour of a physical magnetic card.
To use SafePay, the user downloads and executes the mobile banking application which communicates with the bank server.
During transactions, the mobile application acquires disposable credit card numbers from the bank server, generates a wave file, plays the file to generate electrical current, and then drives the magnetic card chip via an audio jack or Bluetooth.
