Management of decryption environment and all decrypted account data. Newcastle International Airport Reduced threat of non-compliance and financial liability, 5. 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. 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. The moment the card is swiped, the P2PE system converts information into a code that’s unreadable to the observer. Tokenization is ideal for recurring payments, as the card number is only on the merchant’s network “in flight” during the initial transaction—which can be encrypted and protected using P2PE. P2PE Benefits for Retailers. Freight Village P2PE-validated application (s) at the point-of-interaction. Point-to-point encryption (P2PE) protects cardholder data from cybercriminals by encrypting data from the point where a merchant accepts the payment card to the secure point of decryption.. We sit down with Rush Taggart, CSO of PCI P2PE Solution CardConnect, to discuss the importance of P2PE in protecting cardholder data.. Why is it important for merchants to consider implementing a P2PE … 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. Point-to-Point Encryption (P2PE) has the highest impact on data security and reducing fraud. 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. • A P2PE solution allows the merchants to have more simplified compliance efforts, as they are subject to fewer PCI DSS requirements. Secure management of encryption and decryption devices. Some merchants still consider payment security as their bank’s problem. 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). Greater protection for cardholder data, 4. VeriFone, 2744 University Drive, Coral Springs, FL 33065, USA, Retail / Security & Fraud Prevention / P2P. The case study details the benefits of digital, integrated payments backed by PCI-validated point-to-point encryption (P2PE) for utilities, government and municipalities. Noncompliant merchants may also be on the hook for other costs, like investigations into how the fraud occurred, remedial costs to become compliant, and additional fines from regulatory authorities. In this case, card data is never decrypted in the merchant’s own systems. 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. PCI P2PE is the benchmark standard for the encryption of payment card data. Enter your details below and we'll get back to you. Management of decryption environment and all decrypted account data. Reduced scope, complexity, and burden of PCI DSS compliance, 2. Founded in 1985, Springbrook is the leading provider of fully integrated, cloud-based ERP and payments software for small and medium-sized municipalities. Many of the requirements for PCI compliances are negated when a P2PE system is integrated. Key Benefits of P2PE. Using PCI-certified P2PE solutions and following the PIM guidelines, retailers may only have to complete a simple self-assessment form. Cost reduction: More important is the reduction in costs and overhead related to annual PCI audits. Secure encryption of payment card data at the point-of-interaction. As well as making account data unreadable by unauthorised parties it ‘de-values’ account data so that it cannot be abused if data is stolen. Even a single security incident can reduce the credibility of your business. 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. The new P2PE Self-Assessment Questionnaire now includes only 26 PCI DSS requirements helping merchants to simplify compliance efforts. 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. In the future, this could greatly simplify PCI compliance. 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). Secure management of encryption and decryption devices. Officially known as the TDEA (Triple Data Encryption Algorithm), it is ideally suited for hardware implementations found across most payment channels. It covers the entire data journey that starts at the payment terminal or Point Of Interaction (POI) device. 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. The foremost benefit of P2PE, for both merchants and customers, is that it reduces payment card fraud risks. 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. However, the use of P2PE solutions is not mandatory. © Copyright Security Risk Management. There are many benefits of P2PE for merchants and customers: Reduced fraud and increased credibility. 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. Merchants can enhance data protection and simplify compliance efforts by adopting the PCI-approved point-to-point (P2PE) Standard v 2. The headline figures for the Courier, Express and Parcel (CEP) sector in 2020 are nothing short of impressive. It comes as no surprise that many retailers are now looking at P2PE to reduce their PCI requirements and costs. Secure encryption of payment card data at the point-of-interaction. Retailers are no exception, as one out of four data breach victims suffered identity fraud in 2012. NE13 8BH. 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. 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 … In most cases, merchants simply want to focus on running their business, securing sales, and keeping customers loyal. The costs associated with PCI security and compliance for merchants are high. PCI DSS compliance requires businesses that handle sensitive customer data to follow certain regulatory requirements. Simpler payment processing architecture, 8. Protecting Merchant and PSP Brands by protecting Card Data in Transit and at Rest. If malicious activity is detected, the device is disabled, preventing a breach at the point of entry. P2PE-validated application(s) at the point-of-interaction. P2PE (Point to Point encryption) is a secure way to process POS payments. It’s not only payment terminals and POS systems that need to meet security standards; network environments also need to be properly secured. In the milliseconds the information travels between the payment terminal and the acquirer, P2PE takes the sensitive card information and encrypts it. Benefits of a P2PE solution include: Scope reduction: The PCI self-assessment questionnaire, or SAQ, goes from over 300 questions to less than 30. There are numerous tangible benefits merchants receive from using a solution that has been through the validation process. P2PE Benefits for Retailers. Management of decryption environment and all decrypted account data. Point-to-Point Encryption (P2PE) is a critical technology for devaluing payment card data and preventing cardholder data breaches. For merchants, P2PE solutions reduce where and how PCI DSS requirements apply, saving time and money in overall compliance without sacrificing security. You can read more about PCI DSS here. 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. 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. 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