Integration meets petroleum merchants need for enhanced data security <\/p>\n
San Jose, Calif. VeriFone Systems, Inc. (NYSE: PAY) and First Data Corporation announced today 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. <\/p>\n
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 environmentwhether indoors or at the pumpall the way to First Datas data center, utilizing VeriFone's hardware fortified and format preserving encryption technology. <\/p>\n
\"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 $5.4 million1,\" 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.\" <\/p>\n
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. <\/p>\n
\"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, which will roll out the TransArmor, VeriFone edition across its 34 Rotten Robbie retail locations following the pilot. \"As a result of First Data and VeriFones solution, we now have the means to enhance cardholder data protection long before the 2017 EMV deadlines take effect for transactions at gas pumps. <\/p>\n
\"Being the first to bring end-to-end encryption and tokenization to the petro space, especially in a way that enhances security at the pumpan unattended site vulnerable to the types of attacks seen in recent headlinesdemonstrates VeriFone and First Datas 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.\" <\/p>\n
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. <\/p>\n
1 Ponemon Institute, 2013 Cost of a Data Breach Study, May 2013; Verizon RISK Team, 2013 Data Breach Investigation Report, April 2013 <\/p>\n
About First Data (www.firstdata.com) <\/p>\n
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