Since the introduction of magnetic stripe credit and debit cards 30 years ago, the information on the card never changes. Once that stripe information is compromised, criminals can access credit lines, checking and debit accounts and create havoc for card holders, retailers, merchants and card issuers. These "data compromises" cost tens of billions of dollars in fraud every year and are increasing as criminals become more sophisticated and organized. The result: card issuers, merchants and card holders are unsuccessfully scrambling to protect the integrity of the card transaction network and consumer data.
QSecure has the answer: a standard credit or debit card that changes a portion of the magnetic stripe every time it is used, making each transaction unique. And, it is 100% compatible with all existing retail terminals and systems. There is no change required to retail acceptance systems or card holder behavior.
We call this innovation SmartStripe™ technology because magnetic stripes are no longer static and unchanging – they are Dynamic and Smart!
With QSecure, the credit card information on the magnetic stripe is unique for each transaction and is valid for only that one transaction. Data compromises by hacking, wire or wireless tapping, phishing or vishing, card cloning and skimming immediately become problems of the past since the data stolen is not valid for additional transactions.
How does QSecure do it? A small chip is embedded in the magnetic stripe of each card making it a SmartStripe™ card. Every time the card is used, a portion of the magnetic stripe is changed. The card issuer can tell in real time if the transaction is fraudulent, thereby protecting cardholders and retailers.
It's like issuing a new card every time a cardholder uses their credit or debit card. Now, every transaction is secure and what's more – cardholders and retailers don't have to make any changes to the way they use, accept or process cards.