Under the terms of the agreement, MagTek has embedded its technology on the microchip into the RAIL magnetic reading head which combines encryption, token generation and authentication of both cards and the reader itself. MagTek’s technology encrypts card data at the point of swipe by using a different encryption key associated to each transaction. Its card authentication technology, dubbed MagnePrint, is able to identify fraudulent cards and alert the restaurant, thus enabling store owners to stop these transactions before they are processed.
MagTek provides card readers, cheque readers/scanners, PIN Pads and MagnePrint credential authentication technology for retailers. Viableware develops and sells hardware and software services designed to prevent credit and debit card information theft.
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