Star Network Enhances Security for Debit Transactions
The Star Network today introduced Star CertiFlash, a new PIN debit application that uses one-time card number technology to protect debit transactions. The Star CertiFlash technology is programmed onto a contactless chip embedded within a payment device. For each transaction, the chip encrypts and transmits a card number that is good for only a single use. This would render the practice of skimming — intercepting card data between the card and the reader — useless, as the reader would not obtain the real card number.
The Star EFT network has more than two million retail and ATM locations and it is a First Data company.
“Star CertiFlash is exactly the type of innovation we were anticipating when we chose to participate in the Star Network, and we are watching its development with interest,” said Steve Karp, senior vice president, Enterprise Payments Strategy at SunTrust, in a statement. “Star’s focus on advancing payment security continues to set new standards and move the industry forward for the benefit of consumers, merchants, and financial institutions alike.”
Star CertiFlash will be made available to all Star member financial institutions, which can apply it toward debit cards, prepaid cards, payment fobs and payment stickers, as well as in future mobile applications.
Data breach incidents continue to be a growing source of losses. According to the 2009 U.S. Cost of a Data Breach Study, conducted by Ponemon Institute and published in January 2010, the average total per-incident cost of data breaches reported in 2009 was $6.75 million, compared to an average per-incident cost of $6.65 million in 2008.
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