MAGTEK AND WORLDPAY ALIGN TO PROTECT CARDHOLDER DATA AND MINIMIZE COUNTERFEIT CARD FRAUD
December 08, 2010 (PRLEAP.COM) Technology NewsSeal Beach, CA (December 8, 2010) – MagTek, Inc., a global leader in retail electronic payments security technology, today announced it will certify its Magensa.net gateway and MagneSafe security solution with WorldPay, the fastest growing top ten payment processor in the US. MagneSafe enabled devices and services, including the MagTek Centurion, a secure card reader authenticator, the PCI PED 2.x compliant IPAD® and the most secure mobile payment application, QwickPAY, will be available as part of the MagneSafe integrated solution to fully encrypt and protect cardholder data.
WorldPay will directly certify to the decryption services of Magensa.net, MagTek's subsidiary and the world's largest open and shared registry of magnetic fingerprints for ATM, credit, debit, gift and loyalty cards. In addition, for each transaction that is decrypted through Magensa.net, the "Reference MagnePrint" information will be contributed. MagnePrint card authentication allows financial institutions and merchants around the world to immediately distinguish between an original and a counterfeit card; providing an effective solution to stop credit, debit and gift card fraud at the point of swipe.
Providing world-class payment processing solutions for petroleum, restaurant, grocery, and small business segments, WorldPay will be assisting those organizations currently targeted by cyber criminals. Cyber criminals commonly steal valuable card data and also use counterfeit cards for fraudulent card-present transactions.
"In addition to a goal of safeguarding cardholder data from 'point-to-point', we are also taking a leadership role in helping our merchants to reduce fraud, which costs our industry billions of dollars annually," says Ian Drysdale, WorldPay senior vice president. "We're pleased to work with MagTek because their solution uses open standards, is easy to implement and has demonstrated its ability to dramatically decrease card fraud."
"We are extremely pleased to be working with WorldPay as they deploy our MagneSafe technology to secure brick & mortar and mobile POS transactions," noted John Arato, vice president of MagTek's retail business unit. "WorldPay is a Leader in the Payments Industry, and fully understands the importance of protecting its customer's data and is using a layered approach to enhancing its overall security. Additionally, the company's contribution to our Global MagnePrint Exchange Service will be of enormous value to the payment card industry as we work with other leading payment processors, financial institutions and retailers to eliminate counterfeit card fraud."
Since 1972, MagTek has been a leading manufacturer of electronic devices and systems for the reliable issuance, reading, transmission and security of cards, checks, PINs and other identification documents. Leading with innovation and engineering excellence, MagTek is known for quality and dependability. Its products include secure card readers, check scanners, PIN pads and distributed credential issuing systems. These products are used worldwide by financial institutions, retailers, hotels, law enforcement agencies and other organizations to provide secure and efficient electronic payment and identification transactions.
Today, MagTek continues to innovate with the development of a new generation of security centric products secured by MagneSafe™. By leveraging strong encryption, secure tokenization and real time authentication, MagneSafe products enable users to assess and validate the trustworthiness of credentials used for online identification, payment processing, and other high-value electronic transactions.
MagTek is based in Seal Beach, California and has sales offices throughout the United States, Europe, and Asia, with independent distributors in over 40 countries. For more information, please visit www.magtek.com.
WorldPay is a global card payment acquiring business operating in over 30 countries which allows customers to accept card payments both at point of sale and over the internet. The company offers services across the entire payment value chain, including transaction capturing, merchant acquiring and transaction processing.
Clients vary in size from small family run companies to large multi-national corporations, spanning a broad spectrum of industries and sectors. The company is a global leader in acquiring in the airline and gaming sectors, pioneered the implementation of Chip & PIN in the UK, and is the largest off premises ATM processor in the US.