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Another first for FastNet: PCI DSS version 3.2 compliance in the bag


Johannesburg, 11 May 2017

FastNet, a leading electronic payment transaction connectivity provider to businesses across South Africa, has been certified to comply with the Payment Card Industry Data Security Standard v3.2 as set out by the Payment Card Industry Security Standards Council. This is the highest level of certification for any service provider in the national payment system.

Cybersecurity remains one the critical considerations for financial institutions and enterprises across the world. Institutions take great care to manage data captured from credit cards from the merchant, into the payment system for authorisation, processing and confirmation. However, the rapidly evolving nature of cybercrime means that these institutions face challenges in keeping their security policies current.

The South African Banking Risk Information Centre (SABRIC), on behalf of the banking industry has released its Card Fraud Stats for 2016, which reflects an overall increase in card fraud for 2016. Credit card fraud increased by 13% from R331.4m in 2015 to R374.4m in 2016, with debit card fraud increasing by 3.1% for the same period.

FastNet transacts payment information captured from merchants to most of the major banks in South Africa. Over the last 23 years, it has ensured that both end-consumer and merchant information is securely conveyed through its robust wireless network per transaction, over all forms of connectivity.

According to FastNet's Chief Technical Officer Bob Lafite, the certification underscores its ability to offer security solutions aimed at reducing data theft and internet-based fraud.

"FastNet is proud to maintain its level of validation over the PCI standard, and takes great care to ensure our solutions are reliable and secure to all our customers," says Lafite. "Our investment makes electronic payments more attractive to end-consumers, whether you're in a corner coffee shop or a large retailer."

Lafite adds: "The strength in our network security extends to enterprise traffic over our wireless connectivity products, including primary and secondary connectivity for major retailers across their branch networks."

FastNet is an Internet of Things (IOT) solutions provider, offering enterprises applications to reduce operating cost, improve compliance and build smarter products. Lafite says that FastNet is well-positioned to tackle emerging threats that target connected devices.

"The beauty of our offering is that security is extended across all our products, reducing concerns for enterprises even now embracing Internet of Things solutions," concludes Lafite.

Contact us
sales@fastnet.co.za
0861FASTNET
www.fastnet.co.za

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