Payment industry certifies record number of security systems as fight against fraud steps up

Payment industry certifies record number of security systems as fight against fraud steps up
10.04.2018 09:32 am

Payment industry certifies record number of security systems as fight against fraud steps up

Security

The number of payment card Point-to-Point Encryption (P2PE) systems, which meet the new industry standard has passed 200 for the first time, highlighting the growing worldwide emphasis on security.

Figures from the Payment Card Industry Security Standards Council(PCI SSC) reveal that 202 systems worldwide have now been certified under the P2PE standard, which was introduced in 2011 to provide a benchmark for point to point encryption systems which scramble data to safeguard it from unauthorised disclosure. The figures show that the UK-based payment security specialist Foregenix has validated 47% of projects globally – more than any other Qualified Security Assessor.

While most P2PE solutions originate from North American or multinational companies, the figures suggest that other countries are developing their own solutions. Altech Card Solutions recently became the first South African payment processor to achieve validation, with Foregenix taking the company through the process, which was completed in just seven months.

According to the South African Banking Risk Information Centre, credit card fraud in the country reached US$28.6m in 2016, up by 13% on the previous year.

Paolo Basilio, head of P2PE at Foregenix, said: “Altech’s success in gaining approval is another landmark for the global payment industry. It shows that South African organisations are starting to produce their own world-class solutions to protect merchants and buyers against an increasingly hostile threat landscape.”

P2PE validations fall into three different categories – solutions, components and applications. The figures show Foregenix was the leading Quality Security Assessor in each, and responsible for validating 95 out of all 202 products approved.

Related News

Generation Z demands stronger fraud protection from banks

 As stories of banking data breaches continue to hit the headlines, consumers are increasingly sceptical about the security of their online bank accounts. Now, new research by... Read more »

TMD Security Global Survey Highlights Business Case to Replace Keys and Cards With Integrated TMD Access Management for ATM and Branch

TMD Security announced today that its global survey of thirty banks, ATM deployers, CITs and service providers revealed three major business reasons for replacing keys and... Read more »

Ledger Vault Obtains Groundbreaking Custom Crime Insurance Policy

 Ledger, the global leader in security and infrastructure solutions for digital assets and blockchain applications, today obtained a crime insurance policy covering digital... Read more »

Six Broker-Dealers Select IHS Markit to Manage Questionnaires for Securities Financing Transaction Regulation

IHS Markit, a world leader in critical information, analytics and solutions, today announced that BofA Securities, HSBC, UBS and 3 other global broker-dealers will leverage ... Read more »

FICO Releases Machine-Learning Cyber Risk Score on AWS Marketplace

Analytic software firm FICO announced today that the latest release of the FICO® Cyber Risk Score is now available on AWS Marketplace. The latest release of the FICO Cyber Risk... Read more »

Fingerprints Unveils Next-Gen Touchless Authentication Platform

Fingerprint Cards (Fingerprints™) today launched its Touchless 2.0 platform, combining the convenience of face recognition with the security of iris, to meet demand from... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel