While PCI compliance is vital for beating card payment fraud, end-to-end encryption is the real answer, according to Verifone marketing director Tony Saunders
The theft of credit and debit card payment data is a lucrative business – and it’s booming worldwide. A data breach puts a retailer’s revenue and brand reputation at risk. In the USA, payment data breaches have resulted in fines and payouts in the millions, not to mention high-profile and embarrassing lawsuits.
While the latest Payment Card Industry Data Security Standard (PCI DSS) guidelines go a long way toward ensuring payment security, cardholder data can still appear “in the clear” during a transaction. If a fraudster is sophisticated enough to take advantage of this vulnerability, then a breach can still occur. Many organised criminal gangs now use specially written customized Malware to infiltrate the transaction process and often the retailer will not even be aware that a breach has taken place.
To minimise the risk of attack a merchant must close entry points across the entire transaction chain. End-to-end encryption, starting from the point of PIN entry renders intercepted cardholder data useless to would-be thieves.
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