This is where P2PE comes in. Reduced scope, complexity, and burden of PCI DSS compliance, 2. Software-based tokenization replaces the cardholder’s primary account number (PAN) with a randomly generated proxy alphanumeric number (or token) that cannot be mathematically reversed. Point of Sale vendors, service providers and others often mention its benefits to businesses: P2PE can reduce risk to payment card data by rendering it unreadable, minimise the number of systems and networks in scope for the Payment Card Industry Data Security Standard (PCI DSS) and simplify the process of achieving PCI DSS compliance. To ensure best adoption of the new standard, contact us. The moment the card is swiped, the P2PE system converts information into a code that’s unreadable to the observer. The foremost benefit of P2PE, for both merchants and customers, is that it reduces payment card fraud risks. Protecting Merchant and PSP Brands by protecting Card Data in Transit and at Rest. The benefits that PCI P2PE version 2 bring to merchants are significant from a security improvement and risk reduction perspective as well as drastically simplifying their PCI DSS challenge. There are many benefits for merchants who use a PCI-validated P2PE solution. Using a PCI P2PE device not only protects sensitive customer data, but it also tightens payment security, making compliance easier for your business. While it may incur businesses some additional costs in terms of recording and inventory management, these can be offset by the solution providing a clear and dramatic PCI scope reduction that will, in turn, reduce the cost of PCI compliance. When it comes to payment processing, P2PE is the highest standard of data encryption and the best option for merchants. If malicious activity is detected, the device is disabled, preventing a breach at the point of entry. P2PE Benefits for Retailers. Over the same time period, Level 1 retailers spend an average of $2.1 million on PCI compliance, while Level 2-4 retailers spend an average of $1.1 million. NE13 8BH. P2PE Benefits for Retailers. The case study details the benefits of digital, integrated payments backed by PCI-validated point-to-point encryption (P2PE) for utilities, government and municipalities. This … Newcastle upon Tyne This move denied the benefits of P2PE – that have been lauded by PCI SSC for the past two years – to more than 90% of its members. However, the use of P2PE solutions is not mandatory. Many of the requirements for PCI compliances are negated when a P2PE system is integrated. Merchants who use P2PE technology not only benefit from advanced customer fraud protection, they also experience an easier PCI compliance experience. Point-to-Point Encryption (P2PE) is a critical technology for devaluing payment card data and preventing cardholder data breaches. 1. How does P2PE benefit merchants and customers? Card data, once encrypted at the point of capture, becomes useless to the majority of criminals and fraudsters (unless they have access to the encrypt/decrypt keys), meaning it can be sent safely through the payment chain before being deciphered and authorised at the acquirer’s end. By placing ownership for data security best practices in the hands of the retailer and making it mandatory, PCI compliance has helped address this perception. Woolsington Secure management of encryption and decryption devices. The PCI Security Standards Council describes the benefits of P2PE as providing ‘the strongest encryption protection’ for businesses while also stating that PCI-listed P2PE solutions ‘reduce where and how PCI DSS requirements apply’. Not only did the guidelines clarify exactly what was required for a secure P2PE solution, they also opened the door to certification, allowing approved P2PE solutions to be used as a means of officially reducing PCI scope—and thereby costs—for retailers. According to Gartner, it costs an average of $1.7 million over 2.35 years, excluding the cost of PCI Qualified Security Assessors. P2PE is important because it protects credit card data traveling through a merchant’s local network and across a payment gateway before reaching the payment processing system. All payment devices utilised in a P2PE environment must be handled according to the P2PE Instruction Manual (PIM) document and be traceable from birth to death of the device. Newcastle International Airport Point-to-Point Encryption (P2PE) has the highest impact on data security and reducing fraud. Decreased risk of cardholder data fraud, 7. Management of decryption environment and all decrypted account data. View Worldpay's PCI Validated 2.0 Express P2PE listing here Benefits of PCI validated P2PE The payment card data is secure all the way to the its decryption within Worldpay’s secure environment. In the future, this could greatly simplify PCI compliance. It helps to ensure the data is never at risk. Fewer Applicable Requirements At only 33 questions, the SAQ P2PE is much smaller than any of the other card-present SAQs—over 90% reduction in applicable controls. In most cases, merchants simply want to focus on running their business, securing sales, and keeping customers loyal. It comes as no surprise that many retailers are now looking at P2PE to reduce their PCI requirements and costs. With P2PE, data is encrypted on the card reader and decrypted in a trusted PCI-certified gateway. This means the business taking the payment never holds customer card data in a format that could be accessible to thieves. PCI DSS compliance requires businesses that handle sensitive customer data to follow certain regulatory requirements. Tokenization can be used in tandem with P2PE to effectively create an integrated solution that protects data both in transit and at rest. In fact, with an estimated 23% year-on-year growth (UK) in an.. After a year in which many industries were forced to pivot to a digital model, what does 2021 have in store from a cyber perspective? Freight Village Customer Benefits P2PE significantly reduces the risk of credit card fraud by instantaneously encrypting confidential cardholder data at the moment a credit card is swiped. Easy integration with current infrastructure, Copyright © 2021 VeriFone, Inc. All rights reserved. These products and providers, tested by our trained P2PE assessors against a peer-reviewed and publically available standard, guarantee the strongest encryption protections for your business. Retailers are no exception, as one out of four data breach victims suffered identity fraud in 2012. The costs associated with PCI security and compliance for merchants are high. 2020 was certainly a.. Thanks for contacting us – we’ll be in touch with you soon to discuss your requirements. Enter your details below and we'll get back to you. The Benefits of PCI Validation for Merchants. Officially known as the TDEA (Triple Data Encryption Algorithm), it is ideally suited for hardware implementations found across most payment channels. Reduced threat of non-compliance and financial liability, 5. Even a single security incident can reduce the credibility of your business. Although many individual devices now come with some form of security certification, unless they’re deployed in the correct manner and the network is locked down, retailer systems are still unprotected from hackers or malware. P2PE-validated application (s) at the point-of-interaction. Below are a few of these benefits. Benefits of P2PE. While it doesn’t prevent fraud using lost or stolen cards, it does prevent criminals from accessing card data at the point of sale (POS), and further addresses the unauthorised interception of cardholder data-in-motion from the POS terminal to the payment processor. The case study details the benefits of digital, integrated payments backed by PCI-validated point-to-point encryption (P2PE) for utilities, government and municipalities. Secure encryption of payment card data at the point-of-interaction. Criminals have been increasingly successful at targeting organizations that store, process, or transmit customers’ personally identifiable information (PII) and payment data. Typically, the Triple Data Encryption Standard (3DES) is used as the encryption format. Secure management of encryption and decryption devices. Merchants can only use non-P2PE certified devices in a P2PE environment if they choose to opt out of P2PE at the chosen payment location. It covers the entire data journey that starts at the payment terminal or Point Of Interaction (POI) device. Some of these benefits include reducing your risk in protecting customer’s payment data as well as various incentive programs for merchants using a PCI-validated P2PE solution. Validated P2PE solutions are more secure because the solution is designed to deter tampering from ordering to processing. For many organizations today, reducing operating costs is as important as increasing revenue. Greater protection for cardholder data, 4. The attack may have allowed a foreign power to monitor government communications In news broken by Reuters, it was announced earlier this week that US treasury and commerce departments.. Held by SRM and our peopleThe above PCI DSS marks and logos are a trademark or service mark of PCI Security Standards Council, LLC in the United States and in other countries and is being used herein under license. Point-to-Point Encryption (P2PE) technology makes data unreadable so it has no value to criminals even if stolen in a breach. Founded in 1985, Springbrook is the leading provider of fully integrated, cloud-based ERP and payments software for small and medium-sized municipalities. P-AOV A P2PE Program “Attestation of Validation” declaring the P2PE Solution, P2PE Component, or P2PE Application’s validation status against the P2PE Standard. This could potentially save the biggest retailers millions in audit fees. Management of decryption environment and all decrypted account data. Secure management of encryption and decryption devices. Benefits: The new P2PE Self-Assessment Questionnaire now includes only 26 PCI DSS requirements helping merchants to simplify compliance efforts. In order to strengthen data security protection levels, retailers, airlines and transportation operators are introducing Point-to-Point Encryption ().With this security architecture, card data is encrypted as soon as it is inserted into the PIN Entry Device (PED) in an embedded SRED module, thereby preventing card details ever being transmitted or stored in the clear. Using PCI-certified P2PE solutions and following the PIM guidelines, retailers may only have to complete a simple self-assessment form. Benefits of the P2PE solution include reducing PCI scope from 329 to a 33-question P2PE self-assessment questionnaire (SAQ), online management of the P2PE device process with Bluefin’s P2PE Manager®, and a variety of P2PE certified devices … Benefits of a P2PE solution include: Scope reduction: The PCI self-assessment questionnaire, or SAQ, goes from over 300 questions to less than 30. You can read more about PCI DSS here. When it comes to selecting a P2PE solution and provider, remember, to get the security, PCI DSS compliance and business benefits of P2PE, make sure you are using a PCI validated P2PE solution. P2PE brings many benefits both to Merchants and Payment Service Providers (PSP) including: A significant reduction of Merchant PCI Scope. Benefits of being P2PE Compliant P2PE offers various benefits to a retailer. In 2012, to prevent confusion and ensure best practice, the Payment Card Industry Security Standards Council (PCI SSC) released guidelines on P2PE as part of the PCI Data Security Standard (PCI DSS). PCI-Authorized Scope Reduction. Important: After you download the PIM, return to the form containing the link to this page and click the large button to record your attestation. In order to do this, however, P2PE solutions require the following: Secure encryption of payment card data at the point-of-interaction. Simpler payment processing architecture, 8. Company registration number: 3950239, Security Risk Management Ltd All rights reserved. This sensitive information includes the shopper’s account data, such as the account number, and the track data. P2PE protects cardholder data when a payment is made. Secure encryption of payment card data at the point-of-interaction. And with a recent upgrading of the P2PE standard in the PCI’s Version 2, the PCI has also made P2PE not only simpler but also more flexible. The P2PE Solution AOV, signed by a QSA (P2PE) Company and the P2PE Solution Provider, is used when validating, revalidating, or submitting changes to a P2PE Solution. Use of secure encryption methodologies and cryptographic key operations, including key generation, distribution, loading/injection, administration, and usage. There are many benefits for merchants who use a PCI-validated P2PE solution. P2PE is the most logical route to addressing fraud while creating minimal effort for the retailer. VeriFone, 2744 University Drive, Coral Springs, FL 33065, USA, Retail / Security & Fraud Prevention / P2P. Simpler to adhere to than the original version, the P2PE Standard v2 not only cryptographically protects account data from the moment the merchant accepts a payment but also brings greater flexibility for integration. P2PE (Point to Point encryption) is a secure way to process POS payments. The PCI Security Standards Council describes the benefits of P2PE as providing ‘the strongest encryption protection’ for businesses while also stating that PCI-listed P2PE solutions ‘reduce where and how PCI DSS requirements apply’. To help secure the payment chain even further, payment providers, acquirers, and merchants are turning to P2PE. Management of decryption environment and all decrypted account data. For solution providers, the new flexibility of P2PE v2 is key, particularly when it comes to providing components for integration with P2PE solutions. At present, only PCI-PTS certified payment devices with SRED and Open Protocol (OP) approvals can be used as part of an approved P2PE solution. P2PE-validated application (s) at the point-of-interaction. In addition to meeting the P2PE standard, the decryption component of the solution must operate within a secure environment that has been assessed to the full PCI DSS standard. Merchants can enhance data protection and simplify compliance efforts by adopting the PCI-approved point-to-point (P2PE) Standard v 2. P2PE is an official program of the PCI Standards Council and it is the only class of solution promoted by the council that permits automatic compliance simplification (aka scope reduction). • A P2PE solution allows the merchants to have more simplified compliance efforts, as they are subject to fewer PCI DSS requirements. Some of these benefits include reducing your risk in protecting customer’s payment data as well as various incentive programs for merchants using a PCI-validated P2PE solution. P2PE-validated application(s) at the point-of-interaction. If card fraud occurs, merchants are liable for the cost unless they can prove full PCI DSS compliance at the time of the breach. P2PE solutions reduce not only the cost and effort retailers face when trying to meet stringent PCI compliance requirements, but also the risk associated with face-to-face payments. PCI P2PE is the benchmark standard for the encryption of payment card data. There are numerous tangible benefits merchants receive from using a solution that has been through the validation process. They must also bear the often larger cost of reputational damage and loss of customer confidence, which can linger for years. To enjoy the benefits of Genius Smart P2PE, you must attest that you have read, understand, and agree to the terms of the PIM. Key Benefits of P2PE. There are many benefits of P2PE for merchants and customers: Reduced fraud and increased credibility. It’s not only payment terminals and POS systems that need to meet security standards; network environments also need to be properly secured. BENEFITS OF P2PE • Makes account data unreadable by unauthorized parties • “De-values” account data because it can’t be abused – even if stolen • Simplifies compliance with PCI DSS • The P2PE Self-Assessment Questionnaire includes only 26 PCI DSS requirements • Offers a powerful, flexible solution for all stakeholders The Major Benefits of P2PE In today’s world, fraud and breaches are a common occurrence. P2PE significantly reduces the risk of payment card fraud by instantaneously encrypting confidential cardholder data at the moment a payment card is swiped or 'dipped' if it is a chip card at the card reading device (payment terminal) or POI. In the milliseconds the information travels between the payment terminal and the acquirer, P2PE takes the sensitive card information and encrypts it. 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