VeriFone Systems, First Data to provide tokenization, encryption services to petroleum merchants

Wednesday 30 April 2014 08:54 CET | News

US-based electronic payment services provider VeriFone Systems and First Data, a global provider of payment technology and services solutions, have joined forces to launch the VeriFone edition of the First Data TransArmor solution for US multi-lane and petroleum merchants.

The TransArmor, VeriFone edition, enables First Data customers using VeriFones Secure PumpPay and MX series of EMV and NFC-enabled devices to gain access to security solutions combining VeriFones VeriShield encryption along with tokenization technology from RSA, the Security Division of EMC.

To secure data at rest, the solution has been engineered with RSA tokenization technology that replaces card data with a token number that preserves the value of card data for merchant business operations but removes value for fraudsters. When implementing the TransArmor solution, merchants will meet or exceed existing industry guidelines and requirements for encryption and tokenization of payment card data regardless of their environment.

According to Paul Kleinschnitz, senior VP, Cyber Security Solutions, First Data, data breaches are a widespread problem with over 1.1 billion records compromised in the last 10 years and the average organizational cost estimated at USD 5.4 million.

First Data enables payment transactions for merchants, financial institutions and their customers, whether the choice of payment is by debit or credit card, gift card, check or mobile phone.

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Keywords: VeriFone Systems, First Data, tokenization, encryption, online security, online fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime