Elavon upgrades security for EMV
26 June 2012 | 1901 views | 0
Elavon, a wholly owned subsidiary of U.S. Bancorp (USB) and a leading global payment solutions provider, has announced that its SAFE-T Suite security solution now includes support for EMV, providing businesses that process and store cardholder data with greater security for payment transactions.
SAFE-T Suite helps businesses protect card data at every step of the transaction process: when it is in use, in transit, or at rest. EMV terminals read advanced algorithms contained on Chip cards to authenticate that the card is not a counterfeit. Point-to-point encryption secures the data from the time a card is presented and as it travels across the payment processing networks. Tokenization replaces actual card data with a unique identifier to protect data at rest in a merchant's environment, while still allowing it to be used for subsequent business purposes.
"Hackers target businesses that process and store cardholder data because it is both valuable and portable," said Tom Donlea, managing director of the Americas at the Merchant Risk Council. "PCI compliance alone does not guarantee security. To successfully combat evolving security threats, companies must adapt, update and modernize their security strategies."
Payment Card Industry Data Security Standards (PCI DSS) establish consistent security measures for businesses; however, data breaches remain a threat. Merchants can face high costs from data breaches, from fines to lost customers and damaged reputations. Businesses that don't capture or store actual data are at reduced risk for a data breach.
"By removing actual card data from the payment stream, SAFE-T Suite provides businesses with an added layer of data security, protecting both their bottom line and their reputation if a breach were to occur," said Rob McMillon, vice president, Global Security Products for Elavon. "SAFE-T Suite also reduces the scope of a merchant's card data environment, thereby reducing the costs and labor typically associated with annual PCI compliance assessments."
For any business that processes card-on-file transactions, has a loyalty program, or needs data for customer analytics, SAFE-T Suite offers added peace of mind. It allows for these processes to continue without the risk of exposing actual card data, while making the tokenized data available for future use.
SAFE-T Suite is an extension of Elavon's full portfolio of payment solutions, and is built on 20 years of experience delivering flexible and secure payment solutions to more than one million businesses around the world.