Have you ever stopped to think about what’s really at stake when it comes to security in financial transactions? We’re not just talking about numbers; we’re talking about trust, reputation and, ultimately, the future of your business. This is where the HSM in Financial Transactions makes a difference.
The constant increase in fraud and cyber attacks has put companies and consumers on high alert, making security solutions for digital payments more crucial than ever.
But what many people haven’t yet realized is that prevention is more than an option, it’s an urgent necessity.
In this article, you will not only understand the seriousness of the current threat landscape, but also discover why investing in Financial Transaction Security Hardware is the most effective and cost-efficient solution to this growing problem.
Learn how to turn a risky scenario into an opportunity to strengthen your business.
The Hidden Cost of Insecurity: The Reality Companies Can’t Ignore
According to the
Global Banking Fraud Index 2023
Last year, 71% of financial institutions reported a security breach by business email compromise (BEC). In addition, the banking sector saw an alarming 10% increase in types of card-related fraud in 2022.
The report also highlights that the average cost of fraud for financial institutions in the US is $4.23 for every dollar of fraud, including legal, processing, investigation and recovery expenses.
Other sources indicate that global payment card losses will total $34 billion in 2022 (
) and that global e-commerce losses due to online payment fraud were estimated at $41 billion in 2022 (
The Financial Impact: More than Monetary Losses
Not investing in security hardware can have an immediate financial cost, such as regulatory fines and lost revenue. However, the impact goes further.
Loss of competitiveness and brand devaluation can have long-lasting and devastating effects on the business.
When a financial transaction is compromised, it’s not just money that is lost. Customer trust, once broken, is extremely difficult to regain.
This can lead to a downward spiral of losing customers and, consequently, revenue.
In practice, many companies focus on protecting themselves against external threats and neglect internal risks. Disgruntled or malicious employees can do just as much damage as external hackers, making it even more crucial to invest in robust security solutions.
HSM for Financial Transactions: The Payments Revolution
In a scenario where financial fraud is on the rise, the need for a robust and reliable solution has never been more critical. This is where HSM for Financial Transactions comes in as a real game changer.
HSM for Financial Transactions is not just an additional component in your IT infrastructure, it’s an absolute necessity.
This specialized hardware device, one of the leading hardware technologies for payment security, is designed to protect the lifecycle of financial transactions, from initial authentication to the completion of the transaction.
Why Choose HSM for Financial Transactions?
- Enhanced Security:
Unlike software solutions, HSM for Financial Transactions offers an extra layer of security, making it almost impossible for attackers to compromise transaction data.
- Simplified Compliance:
This hardware helps you meet stringent financial compliance standards, such as PCI DSS, without the stress of constant audits.
- Optimized Performance:
With high-speed processing, HSM for Financial Transactions ensures that security is not a bottleneck, allowing for faster and more efficient transactions.
Investing in HSM for Financial Transactions is more than a business decision, it’s a commitment to the security and integrity of your company’s financial operations.
Although the initial investment may seem high at first – after all, the capital invested in acquiring technology assets has an impact on companies’ budgets – the long-term benefits, such as reduced fraud and lower operating costs, make it a smart economic choice.
PayShield 10K: The New Frontier in Payment Security
PayShield 10K is the fifth generation of Thales Hardware Security Modules for payments, acting as one of the most effective security modules for payment processing.
This state-of-the-art security device offers a full range of payment security features, including transaction processing, protection of sensitive data, issuance of payment credentials, mobile card acceptance and payment tokenization.
Designed to be used across the entire payment ecosystem, PayShield 10K meets the business requirements of issuers, service providers, acquirers, processors and payment networks.
Why Adopt for payShield 10K?
The payShield 10K can be configured, managed and monitored remotely, reducing your costs and simplifying ongoing operations.
Equipped with dual hot-swappable power supplies and fans, the payShield 10K significantly increases mean time between failures (MTBF) and simplifies field maintenance.
payShield 10K is the most widely deployed payment HSM in the world and is supported by the largest number of payment application providers.
Benefits and specifications of payShield 10K
payShield 10K offers a comprehensive set of functions that meet the needs of the major payment brands, including American Express, Discover, JCB, Mastercard, UnionPay and Visa. It supports:
- PIN and card verification functions for all major payment brands.
- Authorization and EMV transaction messages.
- Authorization of mobile payment transactions and key management.
- Remote Key Loading for ATM and POS devices.
- Regional/national key management.
- Support for key management on behalf of Mastercard (OBKM).
- Preparation and personalization of data based on magnetic stripe and EMV, including mobile provisioning.
- PIN generation and printing.
- DES and Triple-DES key lengths of 112 and 168 bits.
- AES key lengths of 128, 192 and 256 bits.
- RSA (up to 4096 bits).
- ECC as defined in FIPS 186-3.
- HMAC, MD5, SHA-1, SHA-2, among others.
Financial Services Standards
- It complies with a range of ISO and ANSI standards, such as ISO: 9564, 10118, 11568, 13491, 16609 and ANSI: X3.92, X9.8, X9.9, among others.
- TCP/IP and UDP with dual ports.
- Secure Host Communications Management option for TLS-authenticated sessions on the host’s Ethernet port.
- FICON – single door.
- FIPS 140-2 Level 3.
- PCI HSM v3, including RAP and KLD.
- AusPayNet, CB HSM, GBIC and others.
By choosing payShield 10K as your HSM for financial transactions, you are making a strategic investment in a solution that not only meets, but exceeds global security and compliance standards.
The Thales-Eval: Joining Forces to Provide a Necessary Payment Security Structure
The collaboration between Thales and Eval transcends the simple idea of a commercial partnership, offering protection solutions for digital payments that redefine the standard of security.
In practice, it is a strategic alliance that combines the best of both worlds, creating a synergy that redefines the standard of payment security.
Thales, with its vast experience and leadership in hardware technologies for payment security, brings robust and proven solutions to the market. The company is known for its continuous innovation and for staying ahead of emerging threats.
On the other hand, Eval, with its deep understanding of the needs of the financial market, offers a unique perspective that perfectly complements Thales’ technical expertise.
Together, these two powerhouses form an unbeatable combination. Collaboration results in solutions that not only meet, but exceed global regulatory standards.
The partnership offers clients a peace of mind rarely achieved in such a complex and ever-changing sector
The partnership also ensures that the solutions are flexible enough to adapt to customers’ individual needs, while robust enough to cope with the most sophisticated threats.
But the strength of this partnership is not just limited to technology and compliance. It also extends to customer support. With a global presence and an extensive support network, customers benefit from fast and effective service, regardless of their geographical location.
In practice, by opting for the joint Thales-Eval solution, you are making more than a smart choice in terms of security; you are investing in a partnership that puts security, compliance and customer service above all else.
HSM in Financial Transactions Is Not a Cost,
Investing in security hardware for financial transactions is not an expense, but a strategic investment that brings returns in both financial and reputational terms.
It’s a decision that offers tangible returns, from reducing fraud to improving operational efficiency and customer satisfaction.
The partnership between Thales and Eval takes the use of HSM for financial transactions to a new level. Together, these companies offer, with the help of payShield 10K, an unbeatable combination of advanced innovation and in-depth understanding of the needs of the financial market.
This collaboration results in solutions that not only meet, but exceed global regulatory standards, offering clients a peace of mind rarely achieved in such a complex and ever-changing sector.
So don’t let your organization be the next victim of financial fraud; invest in HSM in Financial Transactions today.
Secure Your Financial Transactions Today
Now that you understand the critical importance of investing in Financial Transaction Security Hardware and how the Thales-Eval partnership can provide a robust and reliable solution, the next step is to take action.
Don’t let your organization be the next victim of financial fraud.
Contact Eval now to find out more about how we can help you ensure the security, compliance and efficiency of your financial transactions.
With a track record of leadership and innovation that takes us back to 2004, Eval not only keeps up with technological trends, but we are also in an incessant quest to bring news by offering solutions and services that make a difference to people’s lives.
With market recognized value, Eval’s solutions and services meet the highest regulatory standards for public and private organizations, such as SBIS, ITI, PCI DSS, and LGPD. In practice, we promote information security and compliance, increase companies’ operational efficiency, and reduce costs.
Innovate now, lead always: get to know Eval’s solutions and services and take your company to the next level.
Eval, safety is value.
Written by Arnaldo Miranda, Evaldo.Ai, proofread by Marcelo Tiziano and designed by Caio Mendes.