Regulations
Unique method to curb credit card frauds globally
In a move to stem credit card frauds worldwide, a team of US researchers has developed an inexpensive, secure method to prevent mass credit card fraud using existing magnetic card readers.
 
Called SafePay, the novel technique works by transforming disposable credit card information to electrical current and driving a magnetic card chip to simulate the behaviour of a physical magnetic card.
 
The key challenge today is that existing magnetic card readers use plain text to store confidential information which makes them vulnerable to an untrusted card reader or skimming device.
 
“Because SafePay is backward compatible with existing magnetic card readers, it will greatly relieve the burden of merchants in replacing card readers and, at the same time, protect cardholders from mass data breaches," explained Yinzhi Cao, assistant professor at Lehigh University in Bethlehem, Pennsylvania.
 
Here is how it works.
 
First, the user downloads and executes the mobile banking application which communicates with the bank server.
 
During transactions, the mobile application acquires disposable credit card numbers from the bank server, generates a wave file, plays the file to generate electrical current and then drives the magnetic card chip via an audio jack or Bluetooth
 
“With SafePay, disposable credit card information expires after a limited time or number of usages. So, even if the information is leaked, it cannot be used for future transactions,” the authors pointed out.
 
Its has a magnetic credit card chip that makes it completely compatible with existing readers.
 
It also features a mobile banking application that automates the process making and makes it extremely user-friendly.
 
Cao and his colleagues conducted real-world experiments with the SafePay technology performing transactions with a vending machine, a gas station and a university coffee shop.
 
In all three scenarios, the SafePay method worked and the transactions were successful.
 
The research is set to be presented at the IEEE Conference on Communications and Network Security from September 28-30, in Florence, Italy.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Bagrodia seeks parity with Manmohan in coal scam case
Former minister of state for coal Santosh Bagrodia on Monday sought parity with former prime minister Manmohan Singh seeking the stay of the criminal proceedings against him in a coal scam case, contending that his case of not being guilty of any wrongdoing was much more stronger.
 
Reiterating his position taken on September 7, Bagrodia told the bench of Justice M.B. Lokur, Justice Kurian Joseph and Justice A.K. Sikri that he could not be treated differently from the former prime minister, stressing that that he was innocent but his reputation and future was being ruined.
 
Bagrodia was minister of state for coal under Manmohan Singh from April 2008 to May 2009. He was granted bail in the case on September 8.
 
Made an accused in the allocation of Maharashtra's Bander coal block to AMR Iron and Steel Pvt Ltd, he said that he can produced evidence that there were continuous parleys between Kumaramangalam Birla and others including the then prime minister.
 
The apex court on April 1 had stayed the summons against Manmohan Singh issued by a special court in connection with the allocation of 15 percent share in the Talabira II coal block to the Birla-owned Hindalco.
 
Appearing for Bagrodia, senior counsel K.K.Venugopal told the court that his client was innocent but his "reputation and future was being ruined".
 
Noting that there was only one apex court, Venugopal sought the reiteration of order passed by the bench of Justice V. Gopala Gowda and Justice C. Nagappan suspending the summons against Manmohan Singh by the special court.
 
He argued that when there was no dishonest intention, how could his client be arrayed as an accused, noting that nowhere in the trial court order there was a mens rea (criminal intention) alleged against him but still he was being proceeded against. 
 
However, senior counsel A.Sharan took the court through the trial court order demonstrating that there were specific paragraphs imputing criminal intention against Bagrodia.
 
While adjoining the hearing for September 29, the court allowed Bagrodia to move an application before the trial court seeking exemption from appearing before it.
 
Besides Bagrodia, others summoned in the case were ex-Coal Secretary H C Gupta and retired bureaucrat L.S. Janoti. The case involves Rajya Sabha MP Vijay Darda, his son Devendra Darda, AMR Iron and Steel Pvt Ltd and its director Manoj Jayaswal.
 
They have been accused of alleged offences punishable under sections of the Indian Penal Code relating to criminal conspiracy, cheating, criminal breach of trust by public servant and under other provisions of the Prevention of Corruption Act.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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China injects 50 bn yuan into market
China's central bank pumped 50 billion yuan ($7.85 billion) into the money market via reverse re-purchase agreement (repo) on Tuesday, the first cash injection this week.
 
The yield for the seven-day reverse repo stood at 2.35 percent, Xinhua news agency quoted the Bank of China's (PBOC) statement as saying.
 
Under a reverse repo, the central bank purchases securities from large banks and brokerages with the agreement to sell them in the future as an effective means to tackle short-term money shortages in the market.
 
The cash injection will offset the effects from earlier reverse repo due on Tuesday.
 
Given a stable renminbi (RMB), the money shortage was greatly eased in September and the PBOC's operations were smaller than those in August.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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