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

Three quarters of consumers ill-equipped to handle cybercrime

A staggering 75 per cent of consumers would not know what to do if they fell victim to cybercrime. According to the ... Read more »

Fingerprints launches Biometric Software Platform for Payments

World-leading biometrics company, Fingerprint Cards AB... Read more »

Wallis Bank Launches New Services to Enhance Customer Experience and Security Online

Wallis Bank has launched a number of new features for its customers allowing for more convenient access to their online accounts without sacrificing security. New services... Read more »

TrustArc named winner in the 15th Annual Info Security PG's 2019 Global Excellence Awards

TrustArc, the leading data privacy management company, today announced that Info Security Products Guide, the industry's... Read more »

Ugandan Police strengthen the fight against crime with Gemalto Automated Biometric Identification System and LiveScan technology

Gemalto, the world leader in digital security, is supplying its ... Read more »

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