For Immediate Release
Costa Mesa---- Tuesday, March 26, 1996
For More information Contact
Bruce Ross at (949) 437-0587
Tuesday, March 26, 1996, CardLogix, a leading developer of chip-based transaction cards, announced today it has achieved a revolutionary breakthrough in magnetic stripe technology. CardLogix can demonstrate the ability to turn on and off a magnetic stripe from within a credit card and integrate a much higher level of user security into every card transaction.
Additionally, CardLogix has integrated this patented breakthrough into a series of cards with a complete on-card PIN input system that allows for the utmost in user security and privacy. This series of solutions is called Vault Cards™. These developments will have far-reaching impact on several industries, especially commercial credit and banking, that must control a high degree of card fraud and misuse.
Chip cards, which have the same form factor as credit cards, will eventually replace paper, magnetic and cash-based portable information systems. Companies like VisaŽ and MasterCardŽ are already setting standards for storage and exchange for their card transactions, incorporating greater security and reliability, as well as additional features for user convenience. In many industries and countries, data and money are already digitally moved. Chip-based cards are the first personal, physical aspect of a growing global electronic exchange between people and institutions.
According to the Nilson Report the credit card industry lost an estimated 1.6 billion dollars in 1995 to fraud and misuse. The use of information and transaction cards will sharply rise from a worldwide consumption level of about two billion cards to over five billion cards by the year 2000. Most industries, from banking to consumer credit, are investigating or have incorporated some form of card solution into their business plans in an effort to streamline transactions, make them more secure and deliver higher functionality to individual users.
CardLogix develops and manufactures chip-based identification and transaction cards for a wide range of consumer and business applications. CardLogix is a joint venture between the Lux Group LLC and E'lan Inc. For more information about CardLogix and for a complimentary copy of the White Paper, Making Sense Of The Changing World Of Card Technologies contact Emil Nastri or Bruce Ross at CardLogix at: 16 Hughes, Suite 100; Irvine, CA 92618.
Phone (949) 437-0587 Fax (949) 437-0589 E-mail firstname.lastname@example.org<% include("webtrends.inc"); %>