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

DLT Implementations Require Refreshed Approach to Security, According to New DTCC Paper

With the adoption of distributed ledger technology (DLT) expected to grow in financial services, The Depository Trust & Clearing Corporation (DTCC), the premier market... Read more »

Fraud Attempts and Threat Levels are Rising, Bottomline Survey Finds

Bottomline Technologies (NASDAQ:EPAY), a leading provider of financial technology that helps make business payments simple, smart and secure, today announced the release of the... Read more »

HTB Chooses Ping Identity for Multi-factor Authentication

Hampshire Trust Bank (HTB) today announces that it has partnered with Ping Identity to provide intelligent access for customers and brokers.

This forms part of HTB’s... Read more »

Growing Number Of High Streets Banks Adopt Unique Cheque Fraud Prevention Tool

The TALL Group of Companies, the UK’s leading provider of secure electronic and paper payments solutions is working with a growing number of high street banks that have all... Read more »

Global Enterprises and Merchants Unprepared as Fraudsters Focus on Rewards Programs

 ... 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