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MagTek ships remote deposit capture and card security products

18 November 2008  |  2057 views  |  0 Source: MagTek

MagTek, a global provider of the most secure electronic payment technology, today announced the MDX.

It offers a compact check reader with a dual-sided scanner and a secure MagneSafe reader all in one sleek design.

Remote deposit allows companies to instantly and securely process checks without ever having to go to the branch, saving businesses time and money. It allows financial institutions to offer their services to companies even where they don't have branches, extending their customer base without incurring the cost of additional branches. This provides a savings they can pass on to their depositors and offer competitive services to anyone, almost anywhere.

"The MDX is the latest addition to MagTek's broad family of check readers and scanners that are currently being used by retailers and financial institutions around the world to read and image millions of checks daily," said Mr. Andy Deignan, Vice President, Financial Business Unit at MagTek. "In addition, our products offer end-to-end security needed by financial institutions to ensure safe remote deposit," concluded Mr. Deignan.

MDX has a built-in secure MSR that incorporates MagTek's MagneSafe security architecture, which mutually authenticates the MDX scanner to the Financial Institution's host application, ensuring the integrity and legitimacy at both points of the transaction. Furthermore, MDX offers comprehensive multi-factor authentication addressing the concerns raised by the FFIEC: "When used as the only control mechanism, single-factor authentication is considered to be inadequate for high-risk transactions involving access to customer information or the movement of funds to other parties."

"MagTek has found a way to make scanning simple and secure for smaller check volumes. This sleek new design is as easy to use as it looks. We expect it to be a best seller with our professional and small business clients," said Michele Bonin, SVP, Product Director, Commercial Deposit Products of Citibank.

Separately, MagTek, Inc., a global provider of the most secure electronic payment technology, today announced its new IPAD, a PED 2.0 certified secure PIN entry device that incorporates MagTek's MagneSafeTM security architecture. MagneSafe encrypts data at the point of swipe, safeguarding personal information encoded on the magnetic stripe using industry proven 3DES. The encryption takes place within an encapsulated magnetic read head as the card is swiped eliminating the chance of intercepting clear text data.

As part of the security architecture, MagneSafe mutually authenticates the IPAD and its host ensuring the integrity and legitimacy at both points of the transaction. This unique security function thwarts the efforts undertaken by organized criminals who have been successful with substituting compromised devices at teller windows and capturing valuable and vulnerable personal cardholder data.

In addition, the IPAD has MagnePrint®, a magstripe embedded security feature that authenticates the debit, credit or ATM cards already in circulation, rendering counterfeit or cloned cards useless. So even if a criminal manages to acquire cardholder and PIN data and manufactures counterfeit cards, they can be detected and the transaction can be declined preventing fraud losses while building consumer confidence.

The IPAD is a small device that can be handheld or easily mounted on counters. Among the many features that IPAD delivers, it also provides a USB 2.0 powered interface, a graphics LCD with backlight, a locking cable connection, and as an option, signature capture and a privacy shield.

"In today's electronic transaction environment, cardholder security is paramount. The early PCI PED 1.0 standard placed a significant burden on financial institutions to enhance security. The new PCI PED 2.0 standard will add new challenges for the industry in order to comply," said Andy Deignan, Vice President, Financial Business Unit at MagTek. "The IPAD surpasses all the requirements of the new standard by offering the advanced functionality found in MagneSafe. Financial Institutions should be diligent and make sure their product purchases not only comply with the new 2.0 standard but protect their investment with the added security only found in IPAD," added Mr. Deignan.

Separately, MagTek, Inc., a global leader in secure electronic payment technology, will be exhibiting at the 2008 BAI Retail Delivery Conference & Expo and will showcase the ExpressCard 1000. This is the industry's first all-in-one, secure instant issuance and personalization platform for all financial payment cards including ATM, debit, credit and gift cards. Financial institutions can meet the current market needs for instant issuance and also support new card issuing trends, including custom card personalization, contactless cards, flat cards and smart cards.

The ExpressCard 1000 creates durable and stunning cards that will appeal to current cardholders, earn "top of the wallet" position and attract potential new cardholders. Financial institutions can offer their cardholders unlimited choices of custom cards with photos and other images, printed front and back, without the need to inventory multiple pre-printed card designs, all while in the branch.

In a single, secure device, the card can be economically personalized using the thermal printer, encoded (for magnetic stripe cards, smartcards and contactless cards), embossed, and color tipped and indent printed. Cardholders and financial institutions will benefit from instant, onsite card creation and activation, eliminating the risk of loss, cost and wait-time associated with mailing.

In addition to the cardholder benefits, the ExpressCard 1000 offers a wide array of security features using MagTek's proven MagneSafe security architecture, surpassing the requirements of PCI DSS and the card associations. The most notable feature of MagneSafe is MagnePrint, a powerful magstripe-embedded security feature that authenticates the magnetic stripe of a card as a unique token, rendering counterfeit or cloned cards useless. ExpressCard 1000 serves as a secure platform to produce and register each card's MagnePrint or Dynamic Digital Identifier. This information can then be used by the financial institution as part of its risk management analysis for all card present transactions, enhancing security throughout the payment infrastructure while building consumer confidence.

Furthermore, MagneSafe security architecture offers comprehensive multi-factor authentication that enables the ExpressCard 1000 to securely produce financial transaction cards only by authorized parties. This prevents criminal enterprises from acquiring ExpressCard 1000s and using them to produce fraudulent financial transaction cards.

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