Skimming is a widely spread crime associated with bank cards. The original card PIN and magnetic strip content are copied and a fake card is set up with the copied information. Subsequently the forged card is used to withdraw funds from the bank account.
Example of a "skimming scheme" - in order to skim information from the card, a combination of a small camera on top of the card reader to obtain the PIN and a special device which copies the magnetic strip pattern is used.
Skimming costs are large, for example in the USA alone, the costs amount to an annual 1 billion US Dollars of financial damages.
The Intellicard offers a solution to the skimming problem. The card can be programmed in such a way that the data on the magnetic stripe would change at certain preset intervals (e.g. every hour), rendering fake cards ineffective quickly.
Example: the information on the magnetic stripe is composed of the bank account number as well as a one-time-password , which is set to change every hour. Then the copied information will be ineffective after one hour.
e.g. first hour - 37730467340458389 , second hour - 37730467340340978