PayU taking an innovative and proactive approach to security 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 platform security, today announced that PayU, the leading online payments service provider, has implemented Irdeto Cloakware for Payments & Banking solutions to prevent theft and fraudulent transactions for its customers. The secure service is now live in one of PayU’s key regions. By implementing Irdeto’s unique security technology, PayU is raising the bar on security to protect all payment transactions for merchants and consumers.
Cyber threats targeting payment systems are becoming more frequent and more sophisticated as e-commerce grows and more methods of payments are introduced. While traditional security approaches only protect the credit card data, Irdeto is supporting PayU with the only solution on the market using whitebox cryptography to secure all transaction information, including financial data, the user’s personal information and credit card details. This enables PayU merchants and consumers to enjoy a safe digital shopping experience, no matter what security threats lie ahead. In addition to a more secure and robust ecosystem, PayU will reduce the scope and cost associated with PCI compliance for its merchant customers who opt for a hosted payment page.
“Cybercriminals now employ many different and complex tactics to steal customer and merchant data - and it’s changing every day,” said Guy Duncan, Global CTO, PayU. “These constantly evolving strategies and attacks make traditional approaches to security ineffective. Today’s threat landscape requires a new approach that protects the entire digital shopping experience. Irdeto has been in the security and anti-hacking business for nearly 50 years and were the right long-term partner for us. By integrating Irdeto Cloakware solutions, we are taking an innovative approach to ensure that our customer’s personal and financial information remains protected, and we are reducing PCI compliance burdens for our merchants.”
“E-commerce ecosystems are becoming an easy target for hackers who exploit gaps left in security defenses,” said Doug Lowther, CEO, Irdeto. “Irdeto’s mission is to help payment service providers and banks close those gaps by safeguarding and monitoring digital transactions and securing APIs for both web and mobile applications. Our solutions provide a critical layer of security for today’s anytime and anywhere e-commerce and payment environments so organizations like PayU can provide a convenient and safe digital shopping/banking experience for consumers.”