|
Stopping fake credit cards
|
 |
May 15, 1997: 8:52 p.m. ET
New technology checks the magnetic strip for imposters
From Correspondent Dick Wilson
|
ST. LOUIS (CNNfn) - Many people worry about credit card theft, but new technology is fighting crooks who don't take the card -- just the information it holds.
The copying of credit cards is a billion-dollar program for the fast-growing credit card industry, and researchers at Washington University in St. Louis recently figured out how easy it is.
Using $20 worth of parts from an electronics store, they put together a device that copies an original card onto a blank card in seconds.
In an effort to stop the copying problem cold, the same scientists created the Magneprint system, which checks the magnetic information on the back of each card. (QuickTime movie 1.7MB)
The magnetic strip on each card has two important areas. The first looks like a bar code, which contains the account number. The rest is a random pattern known as a "magnetic fingerprint" which is different on every card.
"There is no way we know of that the magnetic signature can be duplicated," said Ron Indeck of Washington University.
The Magneprint system can compares two cards with identical account numbers and identify the fake one because of its different magnetic fingerprint. (QuickTime movie, 1.3MB)
The inventors say Magneprint can also help stop other kinds of fraud involving airline tickets, currency and checks.
The device is expected to be on the market to card companies later this year -- which means your money may soon be safer from electronic rip-off artists. 
|
|
|
|
|
|
Washington University
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
