Hypercom Corporation (NYSE: HYC) today introduced HyperSafe Secure, a solution that encrypts cardholder data during transaction processing so that sensitive information is never exposed.
HyperSafe Secure is specifically designed to combat and halt the growing enterprise of criminal efforts to steal unencrypted cardholder data through breaches of merchant networks, applications and servers that store and transmit sensitive cardholder data.
"Large scale data breaches affect consumers and merchants alike. They are escalating at an alarming rate, damaging reputations, generating higher costs and undermining the trust our industry is built on. Retailers and consumers are demanding action. The electronic payments industry must respond with technology that addresses and neutralizes the threat and we are teaming with MagTek to meet that demand head on," said Gregory Boardman, Vice President, Global Product Marketing, Hypercom Corporation. "This component will add to the array of high security technologies that Hypercom employs to help consumers enjoy a safe shopping experience."
HyperSafe Secure will incorporate state-of-the-art MagneSafe security technology from MagTek, a leading supplier of electronic transaction products, that encrypts sensitive cardholder data before it leaves the terminal so the data is never in the clear until it is securely decrypted at a trusted point for authorization. HyperSafe Secure will integrate into Hypercom's products through software or hardware and will protect both swiped and hand keyed transactions.
Hypercom's end-to-end security system uses the proven industry standard Triple DES algorithm and offers clear advantages over competitive products because data is decrypted without having to purchase custom equipment and become locked into a proprietary solution. HyperSafe Secure provides a multi-layered approach that exceeds the latest PCI requirements. In addition to encryption, HyperSafe Secure leverages a dynamic digital authentication solution that detects counterfeit credit, debit, gift and ATM cards, and stops the crime in real time.
"Hypercom is known globally for its leadership in high security end-to-end electronic payment and transaction network solutions. Their selection of MagTek underscores once again Hypercom's commitment to delivering the most innovative and trusted solutions to the market, and that's a win-win for consumers, merchants and electronic payments," said John Arato, Vice President and Business Unit Manager at MagTek.
HyperSafe Secure will be available on Hypercom's T4200 countertop products, M4200 mobile payment platform and L4150 multi-lane device.