MagnePrint Dynamic Card Authentication

MagnePrint dynamic card authentication receives enthusiastic support by Merchant Warehouse to help retailers identify and decline counterfeit payment cards at the POS

MagTek®, Inc., already a leader in the area of secure electronic payment technology, recently announced that Merchant Warehouse supports dynamic card authentication via MagneSafe, a digital identification and authentication technology designed to protect consumers sensitive information.

The chief security officer for MagTek, Tom Patterson, said, “Our goal is to significantly reduce the merchants’ counterfeit card fraud losses by allowing their point of sale devices to simply decline any presented card that is not original. Banks win with lower fraud, merchants win with lower chargebacks, and consumers win by knowing that their stolen identities won’t be accepted for payment anymore.”

MagneSafe’s key feature is its card authentication, which identifies counterfeit credit and debit cards; even identification or gift cards, right at the point of swipe, preventing fraud from occurring. MagnePrint has been established to be an effective and scalable solution that should save merchants on both losses and chargeback fees. Another bonus is that MagneSafe has a low implementation cost.

MagnePrint secured devices include encrypted PIN pads, card readers, check readers and card issuing equipment. The system can be purchased as a whole, or components can be purchased individually to build into other products from other manufacturers.

“We see dynamic card authentication as the lowest cost and most secure card processing service for our merchants,” said Henry Helgeson, co-CEO of Merchant Warehouse. “Meeting the requirements of PCI is a must.”