Many financial cards (credit cards) in use today across the globe can rather easily be copied. Often, all it takes is an easy to come across mobile app.
The overall losses from worldwide fraud with financial cards such as credit cards exceeded 16 billion US dollars in 2014. The same year, fraud increased by 19 percent. By far, the United States experienced the biggest share of world wide fraud with almost half of all fraudulous transactions in one year.
One of the main challenges for American card issuers have been lack of safety within the card infrastructure and less than safe terminals and readers. Another main factor is data breaches and stolen card numbers and cardholder ID information. The so called CVC code on the back of all financial cards represent a huge challenge to card safety.
Many card issuers use a magnetic stripe to store information, however this technology will almost always leave the door open to malicious copying no matter how secure you make the payment system and infrastructure.
As one of the only high tech firms in the world, CardLab produces secure technology that jams virtually all attempts to copy or steel information from your card. By combining two or more technologies, f.ex one that demands the user to ID himself via the fingerprint sensor and a feature that jams all unauthorized communication with the card, the card holder is shielded from virtually all attempts to abuse the card.
A card that is turned off, is probably the most efficient way to maintain full card security.
Extensive and year-long research has shown that safe access to vulnerable areas, privacy protection and other data protection are best secured with the use of an off-line tool. High security smart cards generally offer a level of security which is not obtainable with online financial transactions such as mobile payments. A high security smart card, being an off line transactional tool, cannot be hacked if it contains the combination of a biometric reader and a signal jammer, dynamic magstripe or EMV chip.
Contrary to mobile units, such as cell phones, a secure smart card is turned off when not in use by an authorized user.
We believe the smart card is the most efficient and simple way to obtain full security. Any terminal or reader can be compromised, regardless of how much time and money you put into developing safe reader systems. At CardLab, we work to eliminate all systematic weaknesses by creating secure card solutions, impossible to misuse.
Thus, biometric reader cards are convenient and shielded from abuse to a very high degree, whereas many systems enabling financial online transactions often holds more potential for hacking and other non authorized abuse.