Our Cipher technology provides an end-to-end security solution that is, we believe, the most efficient and powerful means of securing card data available in the world today
San Diego, CA (PRWEB) December 17, 2008
Semtek Corporation is pleased to announce it has been named a winner in the 21st Annual Most Innovative New Product (MIP) Awards by UCSD CONNECT, San Diego's technology and life sciences accelerator. Since 1988, CONNECT's MIP Awards have served as a benchmark for predicting San Diego's most successful emerging technologies. Semtek was named winner in the Hardware and General Technology category for its Cipher Module, a three-step security platform to address credit card fraud at the point of sale.
The Cipher Security Module is a magnetic stripe reader component designed to replace the conventional mag-stripe reader that is resident in all point of sale systems. Within the module's firmware are a set of security applications which comprise the Cipher Applications Suite, and include powerful tools for data encryption, card authentication, and real-time security reporting.
The purpose of the Cipher Security Module is to effectively eliminate payment card data from the public sphere, making it far more difficult for data thieves to create counterfeit credit and debit cards.
"Our Cipher technology provides an end-to-end security solution that is, we believe, the most efficient and powerful means of securing card data available in the world today," said Patrick Hazel, Semtek's Chief Executive Officer. "We are honored to be recognized alongside the many great companies that are keeping San Diego at the forefront of technology development."
Semtek Corporation has been a leader in magnetics technology since 1999, serving large public and private sector clients who require secure data capture components for their fixed-base and wireless devices. Specializing in small form-factor data capture devices in magnetic stripe, smart-card, RFID, and biometrics, Semtek is a key OEM partner for companies such as Motorola, VeriFone, and Intermec Technologies. Semtek is headquartered in San Diego, California. For more information, please visit Semtek's website at http://www.semtek.com.