The 2017 Identity Fraud Study, released by Javelin Strategy & Research, found that $16 billion was stolen from 15.4 million U.S. consumers in 2016.
When the consumer data that makes such fraudulent activity possible comes from the merchant’s database, then the merchant can also incur some major damages. In fact, the 2017 Cost of Data Breach Study: United States, found that the total average organizational cost of a data breach has reached a new high at $7.35 million.
CenPOS aims to reduce the vulnerability of sensitive consumer data -- that could be used to drain debit card-linked bank accounts, make "clone" credit cards, or buy items on certain less-secure online sites -- to hackers with the release of its Validated P2PE solution.
Officially released on July 7th of this year, CenPOS Validated P2PE encrypts cardholder data so businesses can simplify compliance with Payment Card Industry Data Security Standards (PCI DSS) and consumers can stop worrying about data being stolen between “the store” and the bank.
Surprisingly, Validated P2PE is not new technology. It’s the strongest level of data encryption in the market right now and is offered by other merchant payment services companies. However, CenPOS is the first and only company with the Qualified Integrator & Reseller (QIR) designation to offer a Validated P2PE solution.
The QIR designation is awarded by the Payment Card Industry Security Standards Council, a global open body formed to develop, enhance, disseminate and assist with the understanding of security standards for payment account security.
According to their standards, “the quality, reliability, and consistency of a QIR Company’s work” should provide confidence that the merchant’s payment application has been implemented in a manner that supports PCI DSS compliance.
Chris Justice, CEO of CenPOS, is quoted saying: "We believe that loyalty is built on trust and that trust is built by delivering great customer experience over and over again. So, when consumers can have greater peace of mind because they know that the merchant has the proper data security in place to reduce exposure to painful events, like data breaches, we believe customer experience is enhanced and that consumer will choose that merchant over others who are less diligent.”
CenPOS Validated P2PE launched on Friday, July 7, 2017. To learn more, visit https://cenpos.com/solutions/data-security
More facts and further information about CenPOS, can be discovered at https://www.cenpos.com/
CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. | CenPOS | @CenPOS