The companies’ point-to-point encryption (P2PE) data security initiative further secures card data at an integral possible breach point during payment processing. The DFS solution can be used whether the customer uses the card reader or a contactless reader with their card or mobile wallet.
The collaborative effort encrypts PCI cardholder data immediately at the point of interaction, protecting it from the time it is entered to the point it is decrypted at the payments platform. It safeguards sensitive information from hackers, malware, as well as other internal and external network threats.
“Now more than ever, it’s imperative for fuel retailers to have fully secured, simple and scalable payment solutions,” said Matt Tormollen, DFS vice president and general manager of global solutions. “P2PE is how we can best provide this support to our customers.”
In the wake of the pandemic, incidences of fraud, cybercrimes and widespread data breaches have skyrocketed.
In the case of data breaches, hackers have learned how to bypass detection and outpace many companies’ defense systems. In 80% of data breach instances, users’ personally identifiable information is obtained, according to PYMNTS.
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As more companies have come under cyberattack, IT departments worked to ensure stronger security processes and customer verification methods to prevent hacks. According to PYMNTS, 38% of companies surveyed said that digital authentication adoption is more important now than it was prior to the pandemic.
See also: AI, Behavioral Analytics Help Online Businesses Prevent Fraud, Find Good Customers
In 2020, identity theft resulted in the loss of $56 billion for U.S. consumers, according to PYMNTS.
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