Integration meets petroleum merchants’ need for enhanced data security
VeriFone Systems, Inc. and First Data Corporation announced recently the launch of the VeriFone edition of the First Data TransArmor solution for U.S. multi-lane and petroleum merchants. The TransArmor, VeriFone edition, is an end-to-end encryption and tokenization solution that is a result of a partnership between VeriFone and First Data to address retailers’ need for enhanced payment security.
The TransArmor, VeriFone edition, enables First Data customers using VeriFone's Secure PumpPay and MX series of EMV and NFC-enabled devices to take advantage of a complete security solution combining VeriFone's VeriShield encryption along with tokenization technology from RSA, the Security Division of EMC. Cardholder data benefits from increased protection 'in-flight' from the moment it enters the merchant environment—whether indoors or at the pump—all the way to First Data’s data center, utilizing VeriFone's hardware fortified and format preserving encryption technology.
“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 $5.4M1,” said Paul Kleinschnitz, senior vice president, Cyber Security Solutions, First Data. "This partnership with VeriFone on the TransArmor solution illustrates our commitment to collaborate with industry experts to bring best-in-class security solutions to new markets such as petro.”
Two petroleum and convenience retailers, including Robinson Oil Corporation and a major U.S.-based brand of filling stations, will pilot the solution for end-to-end encryption and tokenization of cardholder data captured at the counter and at the pump, beginning in July 2014.
“Petroleum and convenience store retailers have been increasingly focused on bolstering payment security, especially in light of recent breaches in the headlines,” said Tom Robinson, president of Robinson Oil Corporation, who will roll out the TransArmor, VeriFone edition across its 34 Rotten Robbie retail locations following the pilot. “As a result of First Data and VeriFone’s solution, we now have the means to enhance cardholder data protection long before the 2017 EMV deadlines take effect for transactions at gas pumps.”
“Being the first to bring end-to-end encryption and tokenization to the petro space, especially in a way that enhances security at the pump—an unattended site vulnerable to the types of attacks seen in recent headlines—demonstrates VeriFone and First Data’s commitment to addressing security needs beyond encryption,” said Dan Yienger, senior vice president and general manager of Petroleum for VeriFone. “This solution enhances our offerings to the retail petroleum industry while serving as a testament to our leadership in payment security innovation.”
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 end-to-end encryption and tokenization of payment card data regardless of their unique environment.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive client revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction. For more information, visit www.firstdata.com
About VeriFone Systems, Inc.
VeriFone Systems, Inc. (“VeriFone”) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide. For more information, visit www.verifone.com.
1Ponemon Institute, 2013 Cost of a Data Breach Study, May 2013; Verizon RISK Team, 2013 Data Breach Investigation Report, April 2013