Security and Fraud - Is First Data’s TransArmor the Ultimate Weapon in the Fight Against Fraud?

Is First Data’s TransArmor the Ultimate Weapon in the Fight Against Fraud?

With consumer awareness rising and payments taking on new forms, merchants are searching for a reliable security solution. First Data's TransArmor solution, with over 100,000 merchants on board, has the simplicity, security and satisfaction merchants seek in the ever-changing payments landscape. Division Manager, Payment Acceptance at First Data, Bruce Dragt joins Karen Webster to discuss consumer payments and the necessary actions to manage associated risks.

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Bruce Dragt, Division Manager, Payment Acceptance

Bruce Dragt is senior vice president and division manager of Payment Acceptance at First Data Corporation and is responsible for driving product development globally across the company’s suite of merchant products. These products include core acquiring, eCommerce, International Currency Solutions, Leasing, TASQ, TeleCheck and security products.

With a history in innovation, Dragt has played an influential role in developing new electronic payment solutions and bringing them to market. He has held roles in many facets of the payment lifecycle from card issuing to traditional merchant processing to alternative payments and mobile commerce.

Prior to joining First Data, Dragt worked for i2 Technologies and Financial Settlement Matrix as vice president of product management, where he created payment solutions associated with business-to-business transactions originated through electronic exchanges. In addition, he has worked at Wells Fargo Bank and held roles in the Business Direct Division and the Wholesale Internet Services Group.

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"If a Pin Entry device is replaced at a store and cards are skimmed for mulitple days or weeks how does TransArmor prevent this?"
Pat I think you know very well that neither TransArmor nor HDES nor anything else can prevent this as long as current Magstripe cards are inuse. That is a bit of a spurious argument when you must know that the point of TransArmor is not to prevent that but to protect legitimate Card data both over the network and while stored in a batch file in the POS system by turning the card data into a form that is useless to crooks. TransArmor deals with the reality of current U.S. Magstripe and contactless cards and as such should be recognized for what it clearly is, a serious contribution to card data protection and thus fraud reduction. Oh and TransArmor can't prevent your wallet getting stolen either...! LOL

Posted by Perry Bird, 22/05/2011 5:40pm (1 year ago)
How will this kind of product reduce fraud? I believe that the P2PE solutions provide another additional level of security but to market these products as the answer to fraud is just adding to the growing confusion and frustration of merchants and consumers.

If someone shows up at a store with a fauduent card how does TransArmor prevent that card from being accepted?

If a Pin Entry device is replaced at a store and cards are skimmed for mulitple days or weeks how does TransArmor prevent this?

As stated I believe P2PE is a good step that adds another layer for protecting the PAN but to be marketing this as the; ultimate answer to fraud.

Posted by Pat Polillo, 16/05/2011 9:59am (1 year ago)
This is just another upsell product for PCI DSS compliance and does elinate the problem of merchant data breach. However it does not stop the real problem merchants face which is the high cost of card not present fraud + charge backs which cost merchants $190B/yr. 20 times that of card issuers.

Posted by Mark Poid, 10/05/2011 1:11pm (1 year ago)