Benefits: P2PE-validated application (s) at the point-of-interaction. It comes as no surprise that many retailers are now looking at P2PE to reduce their PCI requirements and costs. Woolsington Simpler payment processing architecture, 8. All rights reserved. The moment the card is swiped, the P2PE system converts information into a code that’s unreadable to the observer. 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. Secure management of encryption and decryption devices. Use of secure encryption methodologies and cryptographic key operations, including key generation, distribution, loading/injection, administration, and usage. There are many benefits for merchants who use a PCI-validated P2PE solution. In most cases, merchants simply want to focus on running their business, securing sales, and keeping customers loyal. 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. 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 … P2PE is the most logical route to addressing fraud while creating minimal effort for the retailer. There are numerous tangible benefits merchants receive from using a solution that has been through the validation process. P2PE (Point to Point encryption) is a secure way to process POS payments. 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. Newcastle International Airport Retailers are no exception, as one out of four data breach victims suffered identity fraud in 2012. It covers the entire data journey that starts at the payment terminal or Point Of Interaction (POI) device. For solution providers, the new flexibility of P2PE v2 is key, particularly when it comes to providing components for integration with P2PE solutions. Reduced scope, complexity, and burden of PCI DSS compliance, 2. With P2PE, data is encrypted on the card reader and decrypted in a trusted PCI-certified gateway. 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. However, the use of P2PE solutions is not mandatory. There are many benefits of P2PE for merchants and customers: Reduced fraud and increased credibility. It helps to ensure the data is never at risk. 1. 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. Easy integration with current infrastructure, Copyright © 2021 VeriFone, Inc. All rights reserved. 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. 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? If card fraud occurs, merchants are liable for the cost unless they can prove full PCI DSS compliance at the time of the breach. Cost reduction: More important is the reduction in costs and overhead related to annual PCI audits. Secure management of encryption and decryption devices. 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). Management of decryption environment and all decrypted account data. The case study details the benefits of digital, integrated payments backed by PCI-validated point-to-point encryption (P2PE) for utilities, government and municipalities. 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. The headline figures for the Courier, Express and Parcel (CEP) sector in 2020 are nothing short of impressive. 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. PCI-Authorized Scope Reduction. 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. Company registration number: 3950239, Security Risk Management Ltd Enter your details below and we'll get back to you. Protecting Merchant and PSP Brands by protecting Card Data in Transit and at Rest. Below are a few of these benefits. 2020 was certainly a.. P2PE protects cardholder data when a payment is made. Decreased risk of cardholder data fraud, 7. Reduced threat of non-compliance and financial liability, 5. 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. For many organizations today, reducing operating costs is as important as increasing revenue. 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. There are many benefits for merchants who use a PCI-validated P2PE solution. 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 They often have limited network security, and time spent on IT is seen as being non-productive rather than advantageous. P2PE-validated application(s) at the point-of-interaction. 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. In order to do this, however, P2PE solutions require the following: Secure encryption of payment card data at the point-of-interaction. • The customer’s data is safeguarded and secured as the risk of data leakage by fraud is nullified due to encryption. Greater protection for cardholder data, 4. When it comes to payment processing, P2PE is the highest standard of data encryption and the best option for merchants. 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’. Validated P2PE solutions are more secure because the solution is designed to deter tampering from ordering to processing. 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. 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. P-AOV A P2PE Program “Attestation of Validation” declaring the P2PE Solution, P2PE Component, or P2PE Application’s validation status against the P2PE Standard. You can read more about PCI DSS here. 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 the future, this could greatly simplify PCI compliance. If malicious activity is detected, the device is disabled, preventing a breach at the point of entry. PCI P2PE is the benchmark standard for the encryption of payment card data. Officially known as the TDEA (Triple Data Encryption Algorithm), it is ideally suited for hardware implementations found across most payment channels. 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. In the milliseconds the information travels between the payment terminal and the acquirer, P2PE takes the sensitive card information and encrypts it. This means the business taking the payment never holds customer card data in a format that could be accessible to thieves. Point-to-Point Encryption (P2PE) is a critical technology for devaluing payment card data and preventing cardholder data breaches. 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. This is where P2PE comes in. The new P2PE Self-Assessment Questionnaire now includes only 26 PCI DSS requirements helping merchants to simplify compliance efforts. This … They must also bear the often larger cost of reputational damage and loss of customer confidence, which can linger for years. Beyond that, the merchant uses the token that represents the original card, for subsequent payments or to track customer transactions for marketing purposes. The foremost benefit of P2PE, for both merchants and customers, is that it reduces payment card fraud risks. Key Benefits of P2PE. This could potentially save the biggest retailers millions in audit fees. The case study details the benefits of digital, integrated payments backed by PCI-validated point-to-point encryption (P2PE) for utilities, government and municipalities. 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. 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. 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.