Six Thai banking companies have agreed to use encryption systems from Hypercom Corp. of Scottsdale, Ariz., in a coordinated effort to thwart card fraud.
The banking companies, including Kasikornbank PCL, Thailand's fourth-largest, will use the EFTSec Server, which automatically encrypts payment card account data as it is transmitted between point of sale terminals and financial companies, Hypercom said Wednesday.
The vendor said it won the contract in a competitive bidding process. It did not name the other customers.
"In Thailand and other neighboring countries, wire tapping fraud has grown as criminals intercept unencrypted credit card data as it is transmitted between a retailer and a bank," Somchai Pichitsurakij, a vice president at Kasikornbank and the president of its fraud working group, said in a press release. "Hypercom's EFTSec Server will help us fight this fraud and protect our customers' sensitive financial data."