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It leverages Aadhaar, a unique identification number, as the sole credential for userauthentication and verification. Hybrid Card A hybrid card is a payment card that combines a chip and a magnetic stripe, ensuring compatibility with different transaction systems. without requiring a traditional bank account or debit card.
When it comes to PCI compliance, efforts need to get up to snuff across lines of defense that range from firewalls to userauthentication. Roughly half of firms fall short, Verizon found. Finger pointing? Look at retail and hospitality, sectors that lag in compliance efforts and where hackers love to feast.
As cybercriminals become increasingly sophisticated, pure reliance on userauthentication is no longer enough to keep the barbarians out of the gates. It replaces the static data on a mag stripe with dynamic data on a chip, thereby making card duplication much harder and cutting down on counterfeiting and fraud at the point of sale.
Europay, Mastercard, and Visa (EMV) Standards: EMV Standards mandate the use of chip-enabled cards to prevent counterfeit fraud through unique transaction codes. Authentication mechanisms Authentication mechanisms are essential components of a secure payment processing system, ensuring each transaction is authorized by a legitimate user.
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