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It depends on the particular type. If you wanted it to be secure, it would be based on a certificate method (i.e. private and public key). In that case, capturing the data would not help at all.
There was a thread on this site recently on how to have authentication with a microcontroller.
There is an application needs a dongle key to open. That is why a what to read all the communications between the computer and the dongle key. First, from the time the dongle key is inserted. Then, when the application is openning.