Verifone Systems, Inc. (NYSE: PAY) today announced that Chase Paymentech has incorporated Verifone's VeriShield Protect end-to-end encryption service as a component of its newly launched Chase Paymentech Safetech Fraud and Security Solutions.
Verifone's VeriShield Protect is designed and has been proven to help merchants reduce the costs of complying with Payment Card Industry (PCI) requirements and associated security risk by protecting card information and taking key elements of a merchant's payment infrastructure out of scope. Verifone is working with major processors to support merchant efforts to minimize risk of accepting card payments.
"With a VeriShield Protect-based solution, merchants have access to the de facto industry standard for protecting cardholder information and reducing risk," said Doug Bergeron, Verifone CEO. "Chase Paymentech's Safetech Encryption leverages Verifone's proven technology to increase security and reduce costs to meet PCI compliance for all retailers."
With VeriShield Protect, cardholder information is encrypted at the exact instant of acceptance and encrypted throughout the enterprise until it is transmitted to a secure decryption server. The solution eliminates the risk of usable cardholder data being compromised during data breaches.
VeriShield Protect may be hosted by a processor, hosted on-premise, or hosted by Verifone. Verifone's patented, format-preserving VeriShield Hidden Encryption (VHE) uses sophisticated AES encryption and enables existing payment applications to deal with encrypted cardholder data that is unusable by hackers, but does not impact existing transaction message formats. That makes it possible to integrate VeriShield Protect without costly changes to existing POS, back-office and acquirer software.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Systems, Inc.
This press release includes certain forward-looking statements related to Verifone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Verifone 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 Systems, Inc. These risks and uncertainties include: customers' acceptance and adoption of Verifone's VeriShield Protect end-to-end encryption solution and other new product and service offerings, 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.
About Verifone Systems, Inc. (www.verifone.com)
Verifone Systems, 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.