Business Editors/Financial Editors/Technology Editors
SEAL BEACH, Calif.--(BUSINESS WIRE)--October 28, 2008--MagTek, Inc., a global leader in secure electronic payments technology, today announced that it has teamed with Network Merchants Inc. (NMI). 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 and beyond 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.
?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.
For more information on NMI?s solution using MagTek?s MagneSafe readers, please contact NMI at 800-617-4850 or MagTek at 800-788-6835.
About MagTek
Founded in 1972, MagTek, Inc. is the leading provider of technology that makes electronic transactions safer, speedier and more comfortable. With its secure card readers, dependable check scanners, instant card personalization systems and robust PIN management and identity verification solutions, MagTek products are used around the world at supermarkets, gas stations, financial institutions, restaurants, casinos, hotels, on airplanes, in time clocks, ATMs, kiosks and POS terminals. The MagTek logo may not be visible but the odds are great that you?ll use one of its products every day. MagTek is based in Seal Beach, California and has sales offices throughout the United States, Europe, and Asia, with independent distributors in over 40 countries. For more information, visit
www.magtek.com
.
About National Merchants Inc
Network Merchants Inc (NMI) builds e-commerce payment gateways for companies that want to process online transactions in real-time anywhere in the world. With an exceptional team of software engineers, NMI created, maintains and delivers a substantial suite of payment solutions through a unique channel of distribution. This channel is comprised of financial institutions, ISOs/MSPs, payment processors, VARs, and other e-commerce developers interested in retaining their existing merchant-customers and acquiring new business. With an easy to integrate transparent and private-label program, Affiliate Partners maintain their own look and feel while providing merchants with efficient and secure payment processing solutions. For more information, please visit
www.nmi.com
.
The Brainyard
Kellie Wilkie, 949-258-1330
949-258-1335 (Fax)
kwilkie@brainyard.com
State Keywords: California
Industry Keywords: Technology; Data Management; Hardware; Security; Professional Services; Finance; Retail; Other Retail
Source: MagTek, Inc.
