FFIEC News

MAGENSA Previews Innovative “Swipe-n-Buy” Home POS for Secure Internet Shopping

(Jan 15, 2008)--MAGENSA, a Hosted ASP providing credential authentication services and card authentication hardware devices for secure online banking and e-commerce applications, will preview its “Swipe-n-Buy” home POS product at the NRF Convention and Expo, January 14th – 15th at the Javits Convention Center in New York City.

MAGENSA’s Swipe-n-Buy product provides online consumers with a secure MagneSafe magstripe card reader and an integrated software application that turns any Internet connected PC into a secure Home POS terminal. Swipe-n-Buy does not alter the familiar shopping experience of popular e-commerce websites, but at checkout time, a new experience of convenience and security begins: instead of manually typing in credit card number, account log-in, and shipping address information into the e-merchant’s payment webpage, consumers simply swipe their magstripe payment card through a portable MagneSafe magstripe reader. When the card is swiped, their card data and user data is automatically entered into the e-merchant’s web page without the need to type, and without any concerns that their sensitive personal data can be stolen via keystroke loggers or other viruses which may be lurking on their computer. Swipe-n-Buy utilizes data encryption, MagnePrint card authentication, and secure remote-host technologies to create a comprehensive security platform that protects consumers, yet still provides them with a simplified “card present” payment experience as though they were shopping at a traditional brick-n-mortar retailer.

“Swipe-n-Buy allows online shoppers to have the same checkout experience and security benefits they enjoy when shopping at traditional retail locations. Simply swipe your trusted payment card, make a few mouse clicks, and you’re done,” says Larry Meyers, Business Development Manager, MAGENSA, LLC. “Consumers are already comfortable with using their Credit/ATM/Debit cards for payment transactions at POS, ATM, and Self Service applications. It makes perfect sense to extend the use of these familiar and trusted cards to a Home POS, and provide consumers with the confidence and peace of mind of knowing that their online identities and assets are safe. Swipe-n-Buy eliminates manual typing of consumer information for each e-commerce transaction, and the need to store this highly sensitive information with numerous websites. Swipe-n-Buy provides a simple means for consumers to securely store their personal data in a single location, keep that information separate from their card payment data, and enjoy an e-commerce payment experience that’s simple, fast, and secure,” concluded Mr. Meyers.

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