Global payment technology leader PAYBOX Services selected Verizon Business to help ensure that the company's virtual electronic and card present payment services comply with PCI DSS international payment card industry data-security standards.
PAYBOX Services provides payment solutions and services in more than 40 countries, processing around 8 million payment transactions every month. The PAYBOX system -- a secure virtual electronic payment terminal - is designed specifically to support e-commerce transactions. The system processes electronic payments from multiple sources including call and data input centers, WAP and i-mode, interactive voice servers and e-commerce sites.
Verizon Business' professional security services team provided a range of audit, management and implementation services to help PAYBOX renew its PCI DSS certification, including a review of its existing policies to identify areas of non-compliance.
Jacky Loos, president of PAYBOX Services, said: "For us, compliance is not an option - it's absolutely business critical. We handle huge amounts of confidential data on a daily basis, and PCI DSS compliance helps reassure our customers of our continuous efforts to enhance the security of our services - and therefore protect their data. The Verizon Business team has been invaluable in this effort, bringing its extensive expertise and experience in financial compliance - as part of a strong security posture - to bear to help us achieve our goal."
The inaugural "Verizon Payment Card Industry Compliance Report," issued in October 2010, examined the state of compliance with the Payment Card Industry Data Security Standard (PCI DSS), which was created in 2006 to protect cardholder data and reduce credit card fraud. Company investigators found that organizations that have suffered a breach are 50 percent less likely to be PCI compliant and that only 22 percent of organizations were PCI compliant at the time of their initial examination. However, the report also showed that compliance can dramatically reduce credit card data breaches.
A complete copy of the Verizon Payment Card Industry Compliance Report is available at www.verizonbusiness.com/go/pcireport.
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