VeriFone Aligned with Visa Best Practices for End-to-End Encryption
VeriShield Protect is the Only Commercially Deployed Solution that Complies with All 14 Data Field Encryption Best Practices Defined by Visa
SAN JOSE, CA – October 6, 2009 – VeriFone Holdings, Inc. (NYSE: PAY), today announced that its VeriShield Protect card payment data protection solution is in compliance with Visa’s best practices for data field encryption, also known as end-to-end encryption, that were published on October 5th.
Visa’s announcement reflects growing momentum for implementation of end-to-end encryption as a key payments security layer that can render any intercepted data useless.
“VeriShield Protect is the only commercially deployed solution that meets all elements of Visa best practices for data field encryption and exceeds them in some key areas,” said VeriFone CEO Douglas G. Bergeron.
“These data encryption best practices provide merchants and acquirers with a scorecard for evaluating proposed end-to-end solutions,” Bergeron continued. “Three critical questions they should ask security vendors are:
- Does your key management technique protect against public key substitution?
- Do you protect keys utilizing industry-approved hardware security modules?
- Do you mutually authenticate the payment device to prevent man-in–the middle attacks?
“In addition, they need to determine what solution will support their existing systems and can be implemented with little or no rewriting of their applications.”
VeriShield Protect utilizes a unique format preserving encryption that achieves the goals of Visa’s best practices and requires no changes to most POS software and retail systems, or store procedures.
The VeriShield Protect solution is installed into the security module of VeriFone card-acceptance devices to encrypt cardholder data as soon as the card is presented; encrypted data is transmitted to a Decryption Appliance installed at a secure data center to ensure no unencrypted data can be intercepted.
Additional Resources:
www.verifone.com/verishield-protect
About VeriFone Holdings, Inc. (www.verifone.com)
VeriFone Holdings, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Holdings, 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 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 Holdings, Inc. These risks and uncertainties include: our ability to successfully deliver innovative security solutions for protection of cardholder data, our customers' acceptance and adoption of our newly released products and applications, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, 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. 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.
