MagTek Launches Centurion, its Newest Secure Card Reader Authenticator (SCRA) for the Ultimate in Transaction Security, Flexibility and Ease of Use
November 03, 2009 (PRLEAP.COM) Business NewsSEAL BEACH, Calif. – November 3, 2009 – MagTek®, Inc., a global leader in secure electronic payment technology, today launched Centurion, its latest addition to the MagneSafe™ family of secure card reader authenticators (SCRAs). MagneSafe technology is making electronic payments safer than ever for processors, merchants, financial institutions and consumers as MagTek leads an industry–wide campaign to wipe out counterfeit card fraud in the next 24 months.
Centurion delivers powerful transaction security meeting all fourteen points cited in Visa's recently published global industry best practices for data field encryption and exceeding the PCI's DSS requirements for protecting card data. Its MagneSafe features can be switched on whenever the merchant is ready to upgrade its POS application to comply with the latest in security requirements. Orders for more than 52,000 Centurion units have already been processed.
Centurion offers layered and scalable advanced security features designed to protect card data and stop counterfeit card fraud. This includes its ability to read and encrypt card data at the earliest possible point, using AES or Triple DES algorithms and a distinct key per swipe, to mutually authenticate the reader to its legitimate host, to manage time bound sessions, to capture and transmit the dynamic digital identifiers of the card and the cardholder data, and to leave behind a unique token of the transaction. When combined, these layers of security provide the most practical and cost-effective transaction security solution available. ONLY MagneSafe secured devices offer this kind of protection.
"Centurion was designed for customers that want both security and ease-of-use in a cost-effective, small-footprint unit," said John Arato, MagTek's Vice President, Retail Business Unit. "It's our latest addition to the MagneSafe family of products with a stylish design that is user-friendly and very durable. With new security standards demanding a POS update by the merchants, the Centurion will facilitate PCI compliance by protecting card data at the point of swipe. It will reduce fraud by incorporating dynamic data authentication to stop the use of sniffed and skimmed card data, and assure merchants a 'future proof' investment in their POS system's security."
As key architects of international standards in the payment community since 1972, MagTek and its Chief Security Officer, Tom Patterson, are leading the charge in the industry's battle to wipe out counterfeit card fraud once and for all. "Counterfeit cards have a huge cost on banks, processors, merchants, and consumers, and everyone will benefit from a collective effort to save over $4 billion dollars a year in fraud. We believe the Centurion will offer merchants real protection worth their investment," says Mr. Patterson." Look for Centurion's MagneSafe logo at the point of swipe. There is no stronger, more practical solution available today for consumer protection."
To hear more from Tom Patterson, please attend a special VIP event: "Stopping Financial Cyber Crimes" on Wednesday, Nov. 4 at 6:45pm at the Boston Westin Waterfront Hotel. This one night only event is during the BAI Retail Delivery Conference and Expo. Register at firstname.lastname@example.org
The Centurion is now available. For more information, please visit us at booth 601 at the BAI Retail Delivery Conference and Expo Meeting, November 3 – 5, in Boston, MA.
Centurion is part of the MagTek MagneSafe family of products. MagneSafe is a digital identification and authentication architecture which safeguards consumers and their personal data. Designed to exceed PCI regulations, it leverages strong encryption, secure tokenization, counterfeit detection, tamper recognition, data relevance and integrity, and dynamic digital transaction signatures to validate the entire transaction and each of its components. A key feature of MagneSafe is MagnePrint® card authentication, a proven technology which reliably identifies counterfeit credit cards, debit cards, gift cards, ATM cards and ID cards at the point of swipe, before fraud occurs. MagneSafe's multi-layer security provides unmatched protection and flexibility for safer online transactions.
Since 1972, MagTek has been a leading manufacturer of electronic devices and systems for the reliable issuance, reading, transmission and security of cards, checks, PINs and other identification documents. Leading with innovation and engineering excellence, MagTek is known for quality and dependability. Its products include secure card readers, check scanners, PIN pads and distributed credential issuing systems. These products are used worldwide by financial institutions, retailers, hotels, law enforcement agencies and other organizations to provide secure and efficient electronic payment and identification transactions.
Today, MagTek continues to innovate with the development of a new generation of security centric products secured by MagneSafe™. By leveraging strong encryption, secure tokenization and real time authentication, MagneSafe products enable users to assess and validate the trustworthiness of credentials used for online identification, payment processing, and other high-value electronic transactions.
MagTek is based in Seal Beach, California and has sales offices throughout the United States, Europe, and Asia, with independent distributors in over 40 countries. For more information, please visit www.magtek.com.