April 13th, 2015
CardConnect’s Patented Tokenization Prevents Hackers from Stealing Personally Identifiable Information (PII)
PHILADELPHIA (April X, 2015) —CardConnect, a payment processing and technology services provider, announced today the offering of its Personally Identifiable Information (PII) Tokenization process– a solution to protect customers’ identities, including name, social security number and all other forms of sensitive data.
The Identity Theft Resource Center reported that half of all American adults – an estimated 110 million people – had their information stolen in 2014, giving hackers access to victims’ PII data.
CardConnect’s patented tokenization process protects sensitive data by encoding each piece of information and storing it as a secure, irreversible token. This leading data security technology, used by many Fortune 500 organizations, was traditionally designed for payment card information. CardConnect has now extended tokenization to all forms of PII.
“Our world has unfortunately grown accustom to massive thefts of sensitive information being a regular occurrence. We felt a need to do something, so we took our tokenization solution for payment transactions and applied it directly to personal data, such as social security numbers and healthcare information,” said Jeff Shanahan, President and CEO of CardConnect. “Visiting the doctor, filling out a loan application, applying for a job or buying something online – these actions should be done with peace of mind, with no threat of identify theft. We hope we can play a part in making that ideal a reality.
The offering, intended for organizations with large databases of sensitive customer or employee information, adheres to Payments Card Industry (PCI) and HIPPA compliance standards. In the event of a data breach, hackers would only obtain tokens – useless strings of characters that contain no relationship to the sensitive information.
CardConnect® is a rapidly growing payments technology company that provides solutions for companies that accept bank card transactions, store sensitive data and seek to push the boundaries of innovation. Trusted by more than 50,000 businesses, ranging from Fortune 500 Companies to independent coffee shops, CardConnect’s proprietary gateway and API make payments simple, integrated (Oracle, SAP, JD Edwards) and secure. CardConnect’s patented payment security solutions use point-to-point encryption (P2PE) and tokenization to provide an unparalleled level of data breach protection and full escape form the burden of PCI compliance. For more information, visit cardconnect.com.