VeriFone Systems (NYSE: PAY) today announced that Chase Paymentech has incorporated VeriFone's VeriShield Protect end-to-end encryption service as a component of its newly launched Chase Paymentech Safetech Fraud and Security Solutions.
VeriFone's VeriShield Protect is designed and has been proven to help merchants reduce the costs of complying with Payment Card Industry (PCI) requirements and associated security risk by protecting card information and taking key elements of a merchant's payment infrastructure out of scope. VeriFone is working with major processors to support merchant efforts to minimize risk of accepting card payments.
"With a VeriShield Protect-based solution, merchants have access to the de facto industry standard for protecting cardholder information and reducing risk," said Doug Bergeron, VeriFone CEO. "Chase Paymentech's Safetech Encryption leverages VeriFone's proven technology to increase security and reduce costs to meet PCI compliance for all retailers."
With VeriShield Protect, cardholder information is encrypted at the exact instant of acceptance and encrypted throughout the enterprise until it is transmitted to a secure decryption server. The solution eliminates the risk of usable cardholder data being compromised during data breaches.
VeriShield Protect may be hosted by a processor, hosted on-premise, or hosted by VeriFone. VeriFone's patented, format-preserving VeriShield Hidden Encryption (VHE) uses sophisticated AES encryption and enables existing payment applications to deal with encrypted cardholder data that is unusable by hackers, but does not impact existing transaction message formats. That makes it possible to integrate VeriShield Protect without costly changes to existing POS, back-office and acquirer software.