MAGENSA.NET JOINS FS-ISAC TO ENHANCE NATIONAL CARD FRAUD REDUCTION CAPABILITIES
July 21, 2010 (PRLEAP.COM) Technology NewsSEAL BEACH, CALIF. (July 21, 2010) – Magensa.net, a provider of dynamic payment protection services to merchants, processors and financial institutions, that increase their security while lowering their cost of operation and regulatory compliance, announces it has joined the Financial Services – Information Sharing and Analysis Center (FS-ISAC) and its Payments Processing Information Sharing Council (PPISC).
Magnesa.net joined FS-ISAC following the organization's first annual industry-wide Cyber Attack Against Payment Processes (CAPP) exercise in February 2010. Its role in the FS-ISAC and PPISC is to share security experience and expertise with others in the financial community, with the goal of eradicating card fraud.
FS-ISAC was established by the financial services sector in 1999 in response to Presidential Directive 63, and then updated in 2003 with the Homeland Security Presidential Directive 7 (HSPD7), which seeks to defend critical national infrastructure. Its mission is to enhance the ability of the financial services sector to prepare for and respond to cyber and physical threats, vulnerabilities and incidents, and to serve as the primary communications channel for the sector. FS-ISAC works closely with the U.S. Department of Treasury and the Financial Services Sector Coordinating Council (FSSCC) to identify, prioritize and coordinate the protection of critical financial services, infrastructure service and key resources, as well as facilitating the sharing of information pertaining to physical and cyber threats, vulnerabilities, incidents, potential protective measures and practices
"FS-ISAC is a critical piece of the nation's approach to defending the financial services and banking sector, and Magensa.net is proud to do our part to enhance the payment process and combat card fraud," said Tom Patterson, chief risk officer at Magensa.net. "By taking a key role in the PPISC, Magensa.net will work with other card issuers and payment processors to reduce the amount of fraud in the system. This will not only benefit the issuers and processors, but it will also help the country to defend itself against increasingly sophisticated and ruthless cyber attacks from criminal gangs, terrorist groups and foreign intelligence services."
FS-ISAC's PPISC sub-group was established in 2009 to provide a forum for sharing information about fraud, threats, vulnerabilities and risk mitigation in the payment processor industry. Membership in the PPISC is restricted to payment processors, and it counts 12 of the 15 largest card processors in the U.S. among its ranks.
"Magensa.net understands the critical need to protect the payments infrastructure," said Rick Van Luvender, head of PPISC and Director of Enterprise Security, Risk and Compliance at First Data. "We welcome Magensa.net into the PPISC, and look forward to working together to share and analyze security-specific information to enhance the overall security of the payments industry."
Magensa.net (www.magensa.net) is the only security service provider that provides the complete set of encryption, tokenization, and authentication services that are built on open financial community standards and are PCI-DSS and FFIEC compliant. Magensa.net is specifically tailored to enhance the security of applications such as merchant payments, Online Banking, Online Brokerage, e-Commerce, and ATM utilizing the magstripe card credentials that an institution has already issued to their customers or members (no further enrollment required). Magensa.net also provides card authentication services for MagnePrint® (www.magneprint.com), which provides merchants the capability to distinguish an authentic magstripe financial card from an altered or counterfeit version – right at the point of sale. Magensa.net is the services operating unit of MagTek Inc, the leading financial industry product manufacturer since 1972.