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PCI PED: What you need to know
PCI
The major credit card associations have worked together to create PCI — a common set of industry tools and measurements to ensure safe handling of sensitive information and improve cardholder confidence. VeriFone solutions have lead the industry in conformance to these new standards. VeriFone subjects ALL of its new products to the rigorous security certification by Visa/MasterCard PCI approved laboratories.
PCI PED (Payment Card Industry PIN Entry Device)
PCI PED is an updated requirement for manufacturers that sell PIN pads and terminals with internal PIN pads. It is a standard testing process that combines one set of standards for each of the PCI members (Visa, MasterCard and JCB), helping ensure cardholder security and providing faster time-to-market for financial institutions.
After December 31, 2007, VeriFone and other device manufacturers may no longer sell Visa PED approved PIN entry devices for PIN-based transactions. Per January 1, 2008 all PIN entry devices sold must be PCI PED approved. However, there is no set date for removal of Visa-PED approved devices from operation. Retailers should realize that in the event of a PIN compromise, noncompliance could result in losses and card reissuing costs could be passed to the retailer. Liability for penalties per association could be applied, and merchant service agreements could be revoked.
VeriFone has a significant lead in the both the range and number of products that currently have PCI PED approvals, thereby giving VeriFone the industry’s most complete range of PCI PED approved products:
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