Coalfire Affirms PCI 3.0 Assessment of Verifone Payment Encryption Solution
Verifone (NYSE:PAY) today announced that Coalfire Systems, a respected Payment Card Industry Qualified Security Assessor (PCI QSA), has completed an evaluation of Verifone’s end-to-end encryption and tokenization solution against PCI Data Security Standard (DSS) requirements.
In its report, Coalfire describes how VeriShield Total Protect, secured by RSA, “can nearly eliminate the current risk of payment card data compromise within a merchant’s retail environment and can dramatically reduce how many PCI DSS requirements need to be validated when properly deployed.”
ONE OF THE MOST EFFECTIVE DATA SECURITY CONTROLS
VeriShield Total Protect protects merchants, payment providers and consumers alike by encrypting cardholder information from the moment it is captured at the terminal until it is securely accessed behind a processor’s firewall. It is used by more than 250 of the top merchants and nine of the top 10 payment processors in the U.S., and it is the most-widely adopted payment data encryption solution in the U.S.
“One of the reasons Verifone has been a leader in global payment solutions and commerce enablement for more than 30 years is because security is in our DNA,” said Joe Majka, chief security officer for Verifone. “Our best-in-class payment solutions and services meet or exceed global security standards and help our clients securely accept electronic payments across all channels of commerce. This assessment from Coalfire-perhaps one of the most renowned IT security advisors and auditors out there-speaks to the security capabilities of VeriShield Total Protect, as well as Verifone’s continued efforts to reduce merchants’ growing exposure to data breaches and more aggressively safeguard consumer information.”
A versatile and flexible solution, VeriShield Total Protect has successfully safeguarded billions of transactions from the ever increasing proliferation of malware. As one of the most effective data security controls available to merchants today-especially when used as part of a multi-layered approach to security with EMV and Secure Commerce Architecture, VeriShield Total Protect:
- Reduces the PCI DSS controls that merchants are responsible for validating in their retail and corporate environments
- Works with the widest range of payment technologies, including mag-stripe, contactless, NFC and EMV
- Easily integrates with retail systems and applications with little or no disruption and with minimal impact on point of sale (POS) systems
- Uses proven, random-number tokenization, allowing retailers to store substituted tokens, rather than actual card data, for safer analytics, chargeback processing, loss prevention and more.
COMPLETE POS INSTALLATION ASSESSMENT
Coalfire utilized industry best practices in its VeriShield Total Protect assessment and testing methodologies. Technical lab testing was conducted by Coalfire in both of its labs located in Louisville, Colo., and at Verifone’s labs in San Diego, Calif., and included complete POS installation, integration, transaction testing, device assessment, encryption evaluation and forensic analysis.
A white paper describing how VeriShield Total Protect can be used is available here.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: market acceptance of our product and services offerings, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements speak only as of the date such statements are made. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Coalfire is the global technology leader in cyber risk management and compliance services for enterprises and government organizations. Coalfire’s professionals are renowned for their technical expertise and unbiased assessments and recommendations. Coalfire’s approach builds on successful, long-term relationships with clients to achieve multiple compliance objectives tied to a long-term strategy to prevent security breaches and data theft. Headquartered in Denver, with offices in North America, the United Kingdom and Latin America, Coalfire remains a pioneer in cyber risk management solutions. For more information, visit the company’s website at www.coalfire.com.
Verifone is transforming everyday transactions into opportunities for connected commerce. We’re connecting more than 27 million payment devices to the cloud-merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. We are built on a 30-year history of uncompromised security. Our people are known as trusted experts that work with our clients and partners, helping to solve their most complex payments challenges. We have clients and partners in more than 150 countries, including the world’s best-known retail brands, financial institutions and payment providers.
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