Lakeland, Florida - Banks and big retailers are duking it out after massive data breaches. The retailers say banks need to update the security technology for debit and credit cards, while banks say even though newer computer chip technology wouldn't have helped, they still need to tighten-up their "payment-processing systems".
STORY: Data attack at Target affected up to 110M customers
In addition to the massive Target breach, Neiman Marcus, Michael's, and hotels managed by White Lodging- like Marriott and Sheraton- have all reported credit card breaches in the last two months.
But a Lakeland-based company says all of those breaches could have easily been prevented with its technology.
PROTECTION: Target Breach: 9 ways to protect yourself
Dave Corey is a busy man. The CEO of Solicore is in Israel right now. He's traveling the globe to promote a little gadget which turns your credit card into a power card.
10 News spoke to Corey by phone.
"Solicore offers a patented technology that includes a five year battery and the electronics which are sandwiched into a credit card- making it more secure," Corey explained.
According to Corey, they could have prevented the massive cyberheist at Target if customers were using a card with their technology that features a rolling pass code. Sure hackers may have been able to get the credit card numbers, but they couldn't have used them.
"They would have been useless if they were using our technology," said Corey.
Corey says the technology is already in use by the large credit card issuers.
"The cards have been in testing and are being deployed really in various parts of the world. There's been a big push in Europe and readily outside the United States."
Corey and Solicore are waiting on banks and credit card companies to start issuing the cards.
"There are between three and four billion financial action cards shipped every year, and in order to replace those all with power cards, you have to have broad-scale supply, and the supply has been ramping up."
So who will pay for this hacker proof technology?
"The banks typically want to deploy these types of credit cards with a rolling pass code because it reduces the fraud," said Corey.
-TARGET DATA BREACH:
-OTHER DATA BREACH REPORTS:
Tammie Fields, 10 News