Information security firm SafeNet today launched the ProtectHost Electronic Funds Transfer (PH EFT) product, a hardware security module (HSM) that prevents identity theft and other e-crimes by encrypting PINs, passwords, and online transaction data.
Managing fraud is a top concern for online merchants. According to a leading industry payment processing company, online fraud losses reached $3 billion last year alone. As the number of U.S. adults who pay their bills online increases to more that half the total, threats to consumers, banks, and merchants and their potential financial losses are likely to increase.
"As hackers employ more sophisticated techniques to steal data, it is imperative that organizations utilize the strongest security possible to protect sensitive financial and online transactions," said Chris Holland, vice president, information assurance products, SafeNet. "As an application security solution for banks and other payment system processing, and the EFT industry, SafeNet's PH EFT HSM is unmatched."
The PH EFT is build upon the successful Luna platform and is designed for EFT and payment system processing environments, providing powerful end-to-end security for online banking transactions and applications for credit, debit, and chip cards. The PH EFT encrypts data at the client browsers and decrypts it at the host, so the transaction remains secure from point of entry through processing and authentication.
As the world's fastest electronic-funds transfer product, the PH EFT operates at 1200 operations per second, and features strong Europay, MasterCard and VISA (EMV) support, specifically meeting the needs of payment processors, card issuers, acquirers, merchants, and e-payment solution providers to adhere to EMV security standards.
To prevent compromise of financial data via the printing of security keys, the PH EFT features an ATM Key Management System, allowing the custodian key data to print directly to secure key envelopes. This also allows for automatic ATM key distribution and initialization. Likewise, the PH EFT PIN Mailer System enables printing of PINs directly to secure PIN envelopes, eliminating the need to hook up to a different machine.
PH EFT will be availablle for order on October 15, 2007.