Verifone Makes History with Payment Industry’s First AES DUKPT Key Management Implementation
April 17 2018 - 08:00AM
Business Wire
ETA TRANSACT – Verifone (NYSE: PAY), the world leader in
payment and commerce solutions, announced it has implemented AES
DUKPT with its end-to-end encryption solution, VeriShield Total
Protect, its Engage family of payment devices, and Carbon 8 &
10.
Co-designed by Verifone, AES DUKPT is a new security key
management standard that was approved as an American National
Standard in October 2017 by the Accredited Standards Committee X9
(ASC X9). It incorporates the AES cryptographic algorithm to
encrypt transaction data with greater security and processing speed
than Triple Data Encryption Standard DUKPT (“Triple-DES DUKPT”)—the
former standard that is widely deployed by the financial services
industry.
“X9 [ASC X9] is grateful to have members like Verifone that
worked to develop this standard,” said Steve Stevens, the Executive
Director of X9. “AES DUKPT is a major improvement over the
previously used algorithms because, among other benefits, it
provides a much larger set of unique secret keys.” The main
advantage of AES DUKPT is AES itself, as it provides the best
security cryptography has to offer by supporting up to 256-bit
keys, which are immune to all known methods of attack—even quantum
computing attacks.
“Payment security—with the proliferation of EMV, end-to-end
encryption, and tokenization—continues to be a top priority for
Verifone, as we are committed to protecting the billions of
transactions that pass through our systems every month,” said
Joachim Vance, Verifone’s Chief Security Architect and AES DUKPT
co-designer. “Our implementation of AES DUKPT—a standard we
advocated for years with other industry influencers—validates this
commitment.”
While Triple-DES DUKPT supports just over one million
transactions, AES DUKPT can support over 2.4 billion, providing the
ability for a terminal to handle more transactions using a single
key that is expected for its full lifespan. AES DUKPT support is
available for VeriShield Total Protect and requires Verifone
payment devices to have Application Development Kit (ADK) 4.5.
“Cybercriminals are developing new, highly-innovative methods of
attack at speeds that outpace the rapid, ongoing evolution underway
in payments and commerce,” said Vance. “Supporting AES DUKPT at
both the hardware- and software-level demonstrates 'crypto-agility'
in our solutions—vastly strengthening the ability to protect
merchants and customers’ sensitive transaction data as security
threats and standards change.”
ADDITIONAL RESOURCES
- “The Master of Keys,” by Joachim Vance,
Chief Security Architect, Verifone
- ASC X9 press release
- ANSI X9.24-3-2017, Retail Financial
Services Symmetric Key Management - Part 3: DUKPT
To find out more about this new payment security standard and
demo all Verifone solutions, please visit Booth #826 at ETA
Transact Las Vegas from April 17-19, 2018.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 for VeriFone Systems, Inc.This press release
includes certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations or
beliefs and on currently available competitive, financial and
economic data 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., including many
factors beyond our control. These risks and uncertainties include,
but are not limited to, those associated with: successful
implementation of AES Dukpt, execution of our strategic plan and
business initiatives and whether the expected benefits of our plan
and initiatives are achieved, short product cycles and rapidly
changing technologies, our ability to maintain competitive
leadership position with respect to our payment solution offerings,
our assumptions, judgments and estimates regarding the impact on
our business of the continued uncertainty in the global economic
environment and financial markets, our ability to successfully
integrate acquired businesses into our business and operations, our
ability to protect against fraud, the status of our relationship
with and condition of third parties such as our contract
manufacturers, distributors and key suppliers upon whom we rely in
the conduct of our business, our dependence on a limited number of
customers, the conduct of our business and operations
internationally, our ability to effectively hedge our exposure to
foreign currency exchange rate fluctuations, and our dependence on
a limited number of key employees. For a further list and
description of the risks and uncertainties affecting the operations
of our business, 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. We may also provide material
information about us on our investor relations website at
www.ir.verifone.com, in company press releases and in social media
postings. The forward-looking statements speak only as of the date
such statements are made. 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 VerifoneVerifone is transforming every day
transactions into new and engaging opportunities for merchants and
consumers at the last inch of payments and commerce. Powered by a
growing footprint of more than 30 million devices in more than 150
countries, our people are trusted experts working with the world’s
best-known retail brands, financial institutions, and payment
providers. Verifone is connecting more products to an integrated
solutions platform to better meet the evolving needs of our clients
and partners. Built on a 35-year history of uncompromised security,
we are committed to consistently solving the most complex payment
challenges. Verifone.com | (NYSE: PAY) | @verifone.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180417005594/en/
VerifoneKwiyoung Baumgarten, 678-358-6982Press@verifone.com
Paymentus (NYSE:PAY)
Historical Stock Chart
From Feb 2024 to Mar 2024
Paymentus (NYSE:PAY)
Historical Stock Chart
From Mar 2023 to Mar 2024