There are several technologies that underlay all the fraud prevention, detection and advisory services offered by Magensa.net. When card credentials are involved, the first is cryptography and the second, but more important component, is MagnePrint. The MagnePrint risk management tool allows Magensa.net to provide the Payment Card Industry (PCI) with an additional layer of protection against fraud, in card-present credit, debit and ATM transactions. The purpose of this paper is to explain to a technically informed audience the tool, the technology and processes behind it, and the benefits that will accrue from the use of MagnePrint to issuers, processors, acquirers, merchants, brands and consumers.
MagnePrint is a dynamic card authentication technology based on the unique physical properties of the magnetic stripe, also referred to as the stripe’s digital identifier or (DI). It provides validation that the card itself is genuine and that its encoded data has not been altered. The MagnePrint risk management tool, developed by MagTek, Inc., and licensed to Magensa.net, imposes no significant time cost and only a minimal dollar cost on the merchant at the point of transaction. The necessary infrastructure investment is negligible in the context of the ongoing costs of fraud to issuers, processors and acquirers.