A new computer chip and biometric fingerprint sensor containing a dynamic account numbering system has been introduced by Vaultid LLC. With this new chip, cardholders can be better protected from identity theft.
Essentially, a credit card with the Vaultid technology is useless until it has been properly authenticated. In addition, it does not store any of the consumer’s personal information. Since the number created is unique and not used again for that consumer, an identity thief that steals the information will find that it is completely useless.
The company had announced that it has started testing of the technology in June with a company by the name of EchoSat Communication Group that is located in Lexington, KY. In addition, the device has many other potential uses in addition to credit cards, including use in mobile devices. With the help of the technology, consumers can securely make payments with their cell phones and can even make mobile to mobile payments to people that may not have credit card processing capabilities, such as when making a purchase at a garage sale.
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