It covers the entire data journey that starts at the payment terminal or Point Of Interaction (POI) device. 1. How does P2PE benefit merchants and customers? P2PE protects cardholder data when a payment is made. They often have limited network security, and time spent on IT is seen as being non-productive rather than advantageous. 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). Management of decryption environment and all decrypted account data. This could potentially save the biggest retailers millions in audit fees. Merchants who use P2PE technology not only benefit from advanced customer fraud protection, they also experience an easier PCI compliance experience. P2PE significantly reduces the risk of payment card fraud by instantaneously encrypting confidential cardholder data at the moment a payment card is swiped or 'dipped' if it is a chip card at the card reading device (payment terminal) or POI. Some of these benefits include reducing your risk in protecting customer’s payment data as well as various incentive programs for merchants using a PCI-validated P2PE solution. With P2PE, data is encrypted on the card reader and decrypted in a trusted PCI-certified gateway. Version 2 still ensures that account data is protected but provides many more options for merchants and solution providers to work with. Fewer Applicable Requirements At only 33 questions, the SAQ P2PE is much smaller than any of the other card-present SAQs—over 90% reduction in applicable controls. Key Benefits of P2PE. Cost reduction: More important is the reduction in costs and overhead related to annual PCI audits. 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. These products and providers, tested by our trained P2PE assessors against a peer-reviewed and publically available standard, guarantee the strongest encryption protections for your business. Enter your details below and we'll get back to you. Benefits of P2PE. Management of decryption environment and all decrypted account data. NE13 8BH. Officially known as the TDEA (Triple Data Encryption Algorithm), it is ideally suited for hardware implementations found across most payment channels. Simpler to adhere to than the original version, the P2PE Standard v2 not only cryptographically protects account data from the moment the merchant accepts a payment but also brings greater flexibility for integration. To ensure best adoption of the new standard, contact us. Founded in 1985, Springbrook is the leading provider of fully integrated, cloud-based ERP and payments software for small and medium-sized municipalities. Reduced scope, complexity, and burden of PCI DSS compliance, 2. Typically, the Triple Data Encryption Standard (3DES) is used as the encryption format. While it doesn’t prevent fraud using lost or stolen cards, it does prevent criminals from accessing card data at the point of sale (POS), and further addresses the unauthorised interception of cardholder data-in-motion from the POS terminal to the payment processor. Even a single security incident can reduce the credibility of your business. The attack may have allowed a foreign power to monitor government communications In news broken by Reuters, it was announced earlier this week that US treasury and commerce departments.. Held by SRM and our peopleThe above PCI DSS marks and logos are a trademark or service mark of PCI Security Standards Council, LLC in the United States and in other countries and is being used herein under license. P2PE Benefits for Retailers. The growing use of the PCI P2PE Standard to provide solutions that minimize exposure of card data and simplify security and compliance efforts for businesses will be a key topic of discussion at the PCI Europe Community Meeting in Edinburgh on 18-20 October. All payment devices utilised in a P2PE environment must be handled according to the P2PE Instruction Manual (PIM) document and be traceable from birth to death of the device. Use of secure encryption methodologies and cryptographic key operations, including key generation, distribution, loading/injection, administration, and usage. In addition to meeting the P2PE standard, the decryption component of the solution must operate within a secure environment that has been assessed to the full PCI DSS standard. The new P2PE Self-Assessment Questionnaire now includes only 26 PCI DSS requirements helping merchants to simplify compliance efforts. 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. Point-to-Point Encryption (P2PE) technology makes data unreadable so it has no value to criminals even if stolen in a breach. P2PE is important because it protects credit card data traveling through a merchant’s local network and across a payment gateway before reaching the payment processing system. P2PE (Point to Point encryption) is a secure way to process POS payments. All rights reserved. Secure management of encryption and decryption devices. Newcastle upon Tyne Tokenization can be used in tandem with P2PE to effectively create an integrated solution that protects data both in transit and at rest. For solution providers, the new flexibility of P2PE v2 is key, particularly when it comes to providing components for integration with P2PE solutions. For merchants, P2PE solutions reduce where and how PCI DSS requirements apply, saving time and money in overall compliance without sacrificing security. Using PCI-certified P2PE solutions and following the PIM guidelines, retailers may only have to complete a simple self-assessment form. 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. Benefits: 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. P2PE is the most logical route to addressing fraud while creating minimal effort for the retailer. 2020 was certainly a.. © Copyright Security Risk Management. 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). If malicious activity is detected, the device is disabled, preventing a breach at the point of entry. The case study details the benefits of digital, integrated payments backed by PCI-validated point-to-point encryption (P2PE) for utilities, government and municipalities. 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. While it may incur businesses some additional costs in terms of recording and inventory management, these can be offset by the solution providing a clear and dramatic PCI scope reduction that will, in turn, reduce the cost of PCI compliance. When it comes to payment processing, P2PE is the highest standard of data encryption and the best option for merchants. Card data, once encrypted at the point of capture, becomes useless to the majority of criminals and fraudsters (unless they have access to the encrypt/decrypt keys), meaning it can be sent safely through the payment chain before being deciphered and authorised at the acquirer’s end. Protecting Merchant and PSP Brands by protecting Card Data in Transit and at Rest. There are numerous tangible benefits merchants receive from using a solution that has been through the validation process. By placing ownership for data security best practices in the hands of the retailer and making it mandatory, PCI compliance has helped address this perception. The payment card data is secure all the way to the its decryption within Worldpay’s secure environment. Woolsington This means the business taking the payment never holds customer card data in a format that could be accessible to thieves. There are many benefits of P2PE for merchants and customers: Reduced fraud and increased credibility. There are many benefits for merchants who use a PCI-validated P2PE solution. Point-to-Point Encryption (P2PE) has the highest impact on data security and reducing fraud. Newcastle International Airport • The customer’s data is safeguarded and secured as the risk of data leakage by fraud is nullified due to encryption. Although many individual devices now come with some form of security certification, unless they’re deployed in the correct manner and the network is locked down, retailer systems are still unprotected from hackers or malware. Retailers are no exception, as one out of four data breach victims suffered identity fraud in 2012. Thanks for contacting us – we’ll be in touch with you soon to discuss your requirements. Freight Village The PCI Security Standards Council describes the benefits of P2PE as providing ‘the strongest encryption protection’ for businesses while also stating that PCI-listed P2PE solutions ‘reduce where and how PCI DSS requirements apply’. 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. The headline figures for the Courier, Express and Parcel (CEP) sector in 2020 are nothing short of impressive. This is where P2PE comes in. PCI DSS compliance requires businesses that handle sensitive customer data to follow certain regulatory requirements. In the milliseconds the information travels between the payment terminal and the acquirer, P2PE takes the sensitive card information and encrypts it. PCI P2PE is the benchmark standard for the encryption of payment card data. Validated P2PE solutions are more secure because the solution is designed to deter tampering from ordering to processing. Encryption in P2PE begins the instant the card is read, and continues as data is passed to the processor and acquirer and then back to the merchant. 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. 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. Many of the requirements for PCI compliances are negated when a P2PE system is integrated. According to Gartner, it costs an average of $1.7 million over 2.35 years, excluding the cost of PCI Qualified Security Assessors. Secure encryption of payment card data at the point-of-interaction. For many organizations today, reducing operating costs is as important as increasing revenue. • A P2PE solution allows the merchants to have more simplified compliance efforts, as they are subject to fewer PCI DSS requirements. However, the use of P2PE solutions is not mandatory. You can read more about PCI DSS here. The case study details the benefits of digital, integrated payments backed by PCI-validated point-to-point encryption (P2PE) for utilities, government and municipalities. In this case, card data is never decrypted in the merchant’s own systems. Some merchants still consider payment security as their bank’s problem. P2PE Benefits for Retailers. Benefits of being P2PE Compliant P2PE offers various benefits to a retailer. Secure management of encryption and decryption devices. 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 the future, this could greatly simplify PCI compliance. It’s not only payment terminals and POS systems that need to meet security standards; network environments also need to be properly secured. 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. Company registration number: 3950239, Security Risk Management Ltd 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. 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. 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. Point-to-Point Encryption (P2PE) is a critical technology for devaluing payment card data and preventing cardholder data breaches. Using a PCI P2PE device not only protects sensitive customer data, but it also tightens payment security, making compliance easier for your business. This … It comes as no surprise that many retailers are now looking at P2PE to reduce their PCI requirements and costs. This sensitive information includes the shopper’s account data, such as the account number, and the track data. P-AOV A P2PE Program “Attestation of Validation” declaring the P2PE Solution, P2PE Component, or P2PE Application’s validation status against the P2PE Standard. Some of these benefits include reducing your risk in protecting customer’s payment data as well as various incentive programs for merchants using a PCI-validated P2PE solution. Criminals have been increasingly successful at targeting organizations that store, process, or transmit customers’ personally identifiable information (PII) and payment data. BENEFITS OF P2PE • Makes account data unreadable by unauthorized parties • “De-values” account data because it can’t be abused – even if stolen • Simplifies compliance with PCI DSS • The P2PE Self-Assessment Questionnaire includes only 26 PCI DSS requirements • Offers a powerful, flexible solution for all stakeholders Easy integration with current infrastructure, Copyright © 2021 VeriFone, Inc. All rights reserved. P2PE-validated application (s) at the point-of-interaction. Greater protection for cardholder data, 4. Benefits of a P2PE solution include: Scope reduction: The PCI self-assessment questionnaire, or SAQ, goes from over 300 questions to less than 30. If card fraud occurs, merchants are liable for the cost unless they can prove full PCI DSS compliance at the time of the breach. When it comes to selecting a P2PE solution and provider, remember, to get the security, PCI DSS compliance and business benefits of P2PE, make sure you are using a PCI validated P2PE solution. 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 … P2PE-validated application(s) at the point-of-interaction. This allows personalized marketing programs to be developed and targeted using cardholder purchase history data. They must also bear the often larger cost of reputational damage and loss of customer confidence, which can linger for years. There are many benefits for merchants who use a PCI-validated P2PE solution. P2PE brings many benefits both to Merchants and Payment Service Providers (PSP) including: A significant reduction of Merchant PCI Scope. The P2PE Solution AOV, signed by a QSA (P2PE) Company and the P2PE Solution Provider, is used when validating, revalidating, or submitting changes to a P2PE Solution. Secure management of encryption and decryption devices. The foremost benefit of P2PE, for both merchants and customers, is that it reduces payment card fraud risks. The Benefits of PCI Validation for Merchants. To help secure the payment chain even further, payment providers, acquirers, and merchants are turning to P2PE. Reduced threat of non-compliance and financial liability, 5. 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 … 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. In fact, with an estimated 23% year-on-year growth (UK) in an.. After a year in which many industries were forced to pivot to a digital model, what does 2021 have in store from a cyber perspective? PCI-Authorized Scope Reduction. Deployment of a P2PE-approved solution can virtually eliminate the current risk of compromised credit card data in a retail environment. P2PE-validated application (s) at the point-of-interaction. The costs associated with PCI security and compliance for merchants are high. VeriFone, 2744 University Drive, Coral Springs, FL 33065, USA, Retail / Security & Fraud Prevention / P2P. Airport Freightway In order to do this, however, P2PE solutions require the following: Secure encryption of payment card data at the point-of-interaction. View Worldpay's PCI Validated 2.0 Express P2PE listing here Benefits of PCI validated P2PE 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. Simpler payment processing architecture, 8. 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. It helps to ensure the data is never at risk. For merchants that select a P2PE solution from PCI’s approved list, the advantages can be significant. To enjoy the benefits of Genius Smart P2PE, you must attest that you have read, understand, and agree to the terms of the PIM. Decreased risk of cardholder data fraud, 7. Below are a few of these benefits. Management of decryption environment and all decrypted account data. Beyond that, the merchant uses the token that represents the original card, for subsequent payments or to track customer transactions for marketing purposes. In most cases, merchants simply want to focus on running their business, securing sales, and keeping customers loyal. The Major Benefits of P2PE In today’s world, fraud and breaches are a common occurrence. The PCI Security Standards Council describes the benefits of P2PE as providing ‘the strongest encryption protection’ for businesses while also stating that PCI-listed P2PE solutions ‘reduce where and how PCI DSS requirements apply’. Merchants can enhance data protection and simplify compliance efforts by adopting the PCI-approved point-to-point (P2PE) Standard v 2. The moment the card is swiped, the P2PE system converts information into a code that’s unreadable to the observer. 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