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Tier 1 Encryption

 

 

FirstData’s TransArmor Encryption and Tokenization solution makes data nearly impossible to use if it is stolen, which increases payment security significantly.

In 2017, the world saw more data breaches than any year prior. In December 2017, the Identity Theft Resource Center (ITRC) reported that there were 1,293 total data breaches, compromising more than 174 million records. That is 45% more breaches than in 2016. This disturbing trend is only expected to continue for 2018.

This powerful security solution begins to remove card data from a processing database using tokenization, and secures the data with encryption in First Data’s PCI-compliant data center. By encrypting and protecting data in this way, you vastly reduce the exposure your business faces from hackers, breaches, and other forms of data compromises. PCI – compliant customers also gain additional breach coverage benefits.

 

 

Why Comply with PCI Security Standards?

Why should you, as a merchant, comply with the PCI Data Security Standards (PCI DSS)? At first glance, especially if you are a smaller organization, it may seem like a lot of effort, not to mention confusing. But compliance is critical to the protection of your business – and our system is simple, intuitive, and designed to help every size business become compliant and ensure protection with minimal effort – it may not be the headache you expected.

Compliance with data security standards will bring major benefits to businesses of all sizes, while failure to comply can have serious and long-term negative consequences for your business. Here are some reasons why.

  • Compliance with the PCI DSS means that your systems are secure, and customers can trust you with their sensitive payment card information:
    • Trust means your customers have confidence in doing business with you
    • Confident customers are more likely to be repeat customers, and to recommend you to others
  • Compliance improves your reputation with acquirers and payment brands — the partners you need in order to accept electronic payments
  • Compliance has indirect benefits as well:
    • Through your efforts to comply with PCI Data Security Standards, you’ll be better prepared to comply with other mandatory regulations as they come along, such as HIPAA (protection of health records/data), SOX (determines which records are to be stored and for how long), etc.
    • You’ll have a foundation for a corporate security strategy
    • You will likely identify ways to improve the efficiency of your IT infrastructure
  • But if you are not compliant, it could be disastrous:
    • A breach requires you to replace the compromised cards of your customers – at your expense
    • Compromised credit card numbers often result in fraudulent changes to your customers accounts
    • Compromised data negatively affects consumers, merchants, and financial institutions
    • Just one incident can severely damage your reputation and your ability to conduct business effectively, far into the future
    • Account data breaches can lead to catastrophic loss of sales, relationships and standing in your community, and can even depress the share price of a publicly traded company
    • Negative consequences also include:
      • Insurance claims
      • Cancelled accounts/lost customers
      • Payment card issuer fines
      • Government fines

Click Here to start your PCI Security Audit
 

Click Here to learn more about Breach Coverage

Electronic Payments: Merchant Services, Inc. is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA.