It comes as no surprise that many retailers are now looking at P2PE to reduce their PCI requirements and costs. P2PE protects cardholder data when a payment is made. Retailers are no exception, as one out of four data breach victims suffered identity fraud in 2012. Deployment of a P2PE-approved solution can virtually eliminate the current risk of compromised credit card data in a retail environment. Freight Village All rights reserved. Simpler payment processing architecture, 8. They often have limited network security, and time spent on IT is seen as being non-productive rather than advantageous. In the milliseconds the information travels between the payment terminal and the acquirer, P2PE takes the sensitive card information and encrypts it. The new P2PE Self-Assessment Questionnaire now includes only 26 PCI DSS requirements helping merchants to simplify compliance efforts. In this case, card data is never decrypted in the merchant’s own systems. Beyond that, the merchant uses the token that represents the original card, for subsequent payments or to track customer transactions for marketing purposes. Woolsington 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. 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. In the future, this could greatly simplify PCI compliance. Secure management of encryption and decryption devices. P2PE (Point to Point encryption) is a secure way to process POS payments. 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. 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. It’s not only payment terminals and POS systems that need to meet security standards; network environments also need to be properly secured. P2PE is the most logical route to addressing fraud while creating minimal effort for the retailer. 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. You can read more about PCI DSS here. • A P2PE solution allows the merchants to have more simplified compliance efforts, as they are subject to fewer PCI DSS requirements. To ensure best adoption of the new standard, contact us. In order to do this, however, P2PE solutions require the following: Secure encryption of payment card data at the point-of-interaction. 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. There are many benefits of P2PE for merchants and customers: Reduced fraud and increased credibility. Some merchants still consider payment security as their bank’s problem. 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’. 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. According to Gartner, it costs an average of $1.7 million over 2.35 years, excluding the cost of PCI Qualified Security Assessors. 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. Tokenization can be used in tandem with P2PE to effectively create an integrated solution that protects data both in transit and at rest. Reduced threat of non-compliance and financial liability, 5. Point-to-Point Encryption (P2PE) technology makes data unreadable so it has no value to criminals even if stolen in a breach. 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. However, the use of P2PE solutions is not mandatory. Secure encryption of payment card data at the point-of-interaction. Greater protection for cardholder data, 4. For merchants that select a P2PE solution from PCI’s approved list, the advantages can be significant. To help secure the payment chain even further, payment providers, acquirers, and merchants are turning to P2PE. In most cases, merchants simply want to focus on running their business, securing sales, and keeping customers loyal. VeriFone, 2744 University Drive, Coral Springs, FL 33065, USA, Retail / Security & Fraud Prevention / P2P. This allows personalized marketing programs to be developed and targeted using cardholder purchase history data. Typically, the Triple Data Encryption Standard (3DES) is used as the encryption format. 2020 was certainly a.. P2PE-validated application(s) at the point-of-interaction. Many of the requirements for PCI compliances are negated when a P2PE system is integrated. It helps to ensure the data is never at risk. 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. Founded in 1985, Springbrook is the leading provider of fully integrated, cloud-based ERP and payments software for small and medium-sized municipalities. 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. The headline figures for the Courier, Express and Parcel (CEP) sector in 2020 are nothing short of impressive. Company registration number: 3950239, Security Risk Management Ltd 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. 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. Criminals have been increasingly successful at targeting organizations that store, process, or transmit customers’ personally identifiable information (PII) and payment data. Benefits of being P2PE Compliant P2PE offers various benefits to a retailer. View Worldpay's PCI Validated 2.0 Express P2PE listing here Benefits of PCI validated P2PE Management of decryption environment and all decrypted account data. There are numerous tangible benefits merchants receive from using a solution that has been through the validation process. P2PE-validated application (s) at the point-of-interaction. Merchants who use P2PE technology not only benefit from advanced customer fraud protection, they also experience an easier PCI compliance experience. Below are a few of these benefits. Using a PCI P2PE device not only protects sensitive customer data, but it also tightens payment security, making compliance easier for your business. 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 Use of secure encryption methodologies and cryptographic key operations, including key generation, distribution, loading/injection, administration, and usage. Cost reduction: More important is the reduction in costs and overhead related to annual PCI audits. Secure encryption of payment card data at the point-of-interaction. 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. Thanks for contacting us – we’ll be in touch with you soon to discuss your requirements. 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. • The customer’s data is safeguarded and secured as the risk of data leakage by fraud is nullified due to encryption. NE13 8BH. PCI P2PE is the benchmark standard for the encryption of payment card data. This is used for long-term storage or as a transaction identifier. Officially known as the TDEA (Triple Data Encryption Algorithm), it is ideally suited for hardware implementations found across most payment channels. Merchants can enhance data protection and simplify compliance efforts by adopting the PCI-approved point-to-point (P2PE) Standard v 2. 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. PCI DSS compliance requires businesses that handle sensitive customer data to follow certain regulatory requirements. 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). 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