Safepay

The video discusses the vulnerabilities of existing magnetic card readers that store information in plain text, making them susceptible to fraud. It introduces Safepay, a secure and cost-effective solution developed by a research team at Lehigh and Northwestern Universities. Safepay transforms credit card data into an electrical current, allowing transactions through existing card readers. Users download an app, connect a device to their phone, and generate temporary credit card numbers for one-time use. The device is compatible with current systems, making it affordable for retailers. Successful tests were conducted, and the team envisions banks distributing the device to users.

What challenges do existing magnetic card readers face according to the text?

Describe the process a user goes through to use the Safepay device.