'SafePay': First anti-fraud system to use existing credit card readers
Monday, September 21, 2015 - 09:00
in Mathematics & Economics
From large-scale data breaches such as the 2013 Target case to local schemes that use skimming devices to steal data at the gas pump, credit card fraud is becoming commonplace. The key challenge is that existing magnetic card readers use plain text to store confidential information, which makes them vulnerable to an untrusted card reader or skimming device. Analyst firm Alite Group estimates that this vulnerability is adding up to $8 billion in incurred losses per year in the U.S.