Watermark Magnetics® Security in Stored Value Systems
In an increasingly cashless society, stored value cards are rapidly becoming part of everyday life. Capable of storing or accessing prepaid funds, they can be used just like cash, with the prepaid balance decrementing each time they are used.
Such cards are very convenient, yet potentially vulnerable to fraud : so security is vital. With the growth of stored value and token cards comes an explosion in counterfeiting crime : but the answer lies in Watermark Magnetics technology.
The implementation of Watermark Magnetics technology provides a versatile, low cost yet secure solution for applications involving low value transactions where the use of credit and debit cards is impractical. Every possible variation in stored monetary values can be accommodated, making it the ideal substitute for cash.
CENTRALISED SYSTEMS: In a centralised system, the prepaid value is held in a central account or database. Access to the account is gained through use of Watermark cards which act as secure keys to the system. As the cards themselves do not hold any variable data there is no opportunity for altering the remaining value. Instead, value transactions are performed within the central account.
LOCAL SYSTEMS: In a local system, transactions are made off-line via a read/write terminal: value is held and updated on the card. Communication with the host system is optional, and may only be required on a periodic basis in order to provide an audit of transactions. Linking the stored data with the Watermark number protects against the risk of card data being tampered with and the process of updating cards through the terminal is made secure.
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