PayU taking an innovative and proactive approach tosecurity by integrating Irdeto Cloakware solutions to improve consumer trust,reduce PCI related costs and prevent theft and fraud
AMSTERDAM– 13 December 2016 – Irdeto, the world leader in digital platformsecurity, today announced that PayU, the leading online payments serviceprovider, has implemented Irdeto Cloakwarefor Payments & Banking solutions to prevent theft and fraudulent transactions for itscustomers. The secure service is now live in one of PayU’s key regions. Byimplementing Irdeto’s unique security technology, PayU is raising the bar onsecurity to protect all payment transactions for merchants and consumers.
Cyberthreats targeting payment systems are becoming more frequent and moresophisticated as e-commerce grows and more methods of payments are introduced.While traditional security approaches only protect the credit card data, Irdetois supporting PayU with the only solution on the market using whiteboxcryptography to secure all transaction information, including financial data,the user’s personal information and credit card details. This enables PayUmerchants and consumers to enjoy a safe digital shopping experience, no matterwhat security threats lie ahead. In addition to a more secure and robustecosystem, PayU will reduce the scope and cost associated with PCI compliancefor its merchant customers who opt for a hosted payment page.
“Cybercriminalsnow employ many different and complex tactics to steal customer and merchantdata – and it’s changing every day,” said Guy Duncan, Global CTO, PayU.“These constantly evolving strategies and attacks make traditional approachesto security ineffective. Today’s threat landscape requires a new approach thatprotects the entire digital shopping experience. Irdeto has been in thesecurity and anti-hacking business for nearly 50 years and were the rightlong-term partner for us. By integrating Irdeto Cloakware solutions, we aretaking an innovative approach to ensure that our customer’s personal andfinancial information remains protected, and we are reducing PCI complianceburdens for our merchants.”
Cloakwarefor Payments & Banking is a comprehensive solution suite that combineswhitebox cryptography, server-side diversification and integrity verificationto protect JavaScript, payment forms and APIs. By deploying state-of-the-artsecurity solutions, organizations like PayU strengthen consumer trust that isrequired to complete a purchase, substantially reducing current 30% to 60%fall-out ratios. Supported by Irdeto’s cutting-edge security solution, PayUwill be able to expand their merchant base rapidly in key markets whileintroducing a trusted solution to support new services and securetransactions. In addition, through tokenization and support for one-clickpayments, the seamless and secure user experience provided by Irdeto and PayUwill help increase conversion rates for merchant customers.
“E-commerceecosystems are becoming an easy target for hackers who exploit gaps left insecurity defenses,” said Doug Lowther, CEO, Irdeto. “Irdeto’s mission isto help payment service providers and banks close those gaps by safeguardingand monitoring digital transactions and securing APIs for both web and mobile applications.Our solutions provide a critical layer of security for today’s anytime andanywhere e-commerce and payment environments so organizations like PayU canprovide a convenient and safe digital shopping/banking experience forconsumers.”
Getin touch with Irdeto to discuss how to close your security gaps and find outmore here: http://irdeto.com/products/payments-and-banking.htm
AboutIrdeto
Irdeto: YourPartner for Secure Payments
Irdeto is a pioneer in digital platform and applicationsecurity, with its software security technology and cyber services protectingover 5 billion devices against cyberattacks for some of the world’s best knownbrands. For nearly 50 years, Irdeto has worked with software applicationproviders, connected device manufacturers, pay media operators and contentcreators to secure their products and business models. Combining proventechnologies and services, Cloakware for Payments & Banking solutions enablebanks and PSPs to deliver a convenient and safe digital shopping or bankingexperience by safeguarding customer data even in the most hostile environments.Irdeto, a subsidiary of Naspers (JSE: NPN), is headquartered in the Netherlandswith more than 15 locations worldwide. Please visit Irdeto at www.irdeto.com.
AboutPayU
PayUuses its payments heritage and expertise to deliver financial services inemerging markets. Our local operations in Asia, Central and Eastern Europe,Latin America, the Middle East and Africa enable us to be experts in thesecountries and provide the best solutions for the local market.
PayUis the leading online payment service provider in 16 high growth markets,dedicated to creating a fast, simple and efficient payment process formerchants and buyers. Our 250+ payment methods and PCI certified platforms aredesigned to meet every consumer’s needs.
Themarkets in which PayU operates represent a potential consumer base of nearly2.3 billion people and a huge growth potential for merchants. PayU has morethan 1,800 payment specialists based in these local markets supporting PayU’s200,000+ merchants and the millions of consumers making online payments.
Formore information, please visit www.payu.com.