MagTek, a provider of secure electronic payments technology, announced
that it has teamed with Network Merchants (NMI), a builder of
e-commerce payment gateways.
The companies stated that this partnership will provide merchants and
retailers with a true end-to-end encryption solution by integrating its
MagneSafe Transaction Security Solution, one that goes above PCI DSS
requirements.
Merchants and retailers are desperate to better protect their
customers' credit and debit card data. Recent industry reports continue
to demonstrate that encrypting the card data in the POS software, or
later when the data is at rest, is woefully insufficient and still
vulnerable to attacks from card data thieves. To assist retailers with
this problem, NMI and MagTek are now offering strong card data security
by providing true end-to-end encryption protecting the payment channel.
This solution uses a MagneSafe secure reader, a new type of card
reader, which encrypts the encoded track data at the point of swipe,
never allowing the data to be seen or captured in the clear. After the
swipe, the data travels through the merchant POS system as an encrypted
data block and eliminates compromises at the merchant location. The
MagneSafe secure reader utilizes industry proven encryption technology:
triple DES with the DUKPT key management.
"Our cutting edge encrypted retail solution provides merchants with
best-of-class application security, bringing them outside the scope of
stringent PCI rules and regulations," said Ted Cucci, Chief Operating
Officer for NMI.
As the primary targets for card data thieves, merchants and retailers
are on the front line of the battle against fraud. Cost estimates for
the card data breaches are $90-$180 per account number. With the
MagneSafe solution from NMI, merchants are no longer a viable target
for thieves, according to the companies.
"NMI's full support of MagTek's MagneSafe Encryption Technology and
Magensa's Decryption Service is clear validation that a secure
transaction infrastructure in the marketplace is essential," said Doug
Free, Vice President and Regional Sales Manager at MagTek.
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