Company announces creation of new leadership position in the fight against credit card criminalsATLANTA--(BUSINESS WIRE)--Radiant Systems, Inc. (Nasdaq: RADS) today issued a new challenge to the industry to come together to dramatically improve data security in the transaction-processing industry.
“Our vision is to encourage all involved in transaction processing to move from a mindset of independent compliance to one of collaborative security that will greatly reduce the risk of data theft,” said John Heyman, chief executive officer at Radiant Systems. “We believe the current data security blueprint in the payments industry is designed with many constraints in mind and therefore is not able to go far enough.”
Today, payment application technology providers have a narrowly defined requirement to develop secure payment applications, which is only a small piece of protecting merchants and the consumer data they handle. Improving the security of data requires many companies throughout the transaction process to work together on a united front. Radiant is committed to taking an industry-leading stand against criminal activity and is inviting everyone in the industry to participate.
Under current industry guidelines, card issuers, banks, processors, network providers, merchants and point-of-sale vendors all play a role in processing each credit or debit card transaction. Businesses that support this transaction process have evolved independently over the past 40 years. By working together, these businesses can more tightly integrate the payment solution to protect consumers, resulting in significantly reduced risk for retailers and restaurants.
“We have expanded the responsibilities of Jimmy Fortuna, vice president of product development for the hospitality division at Radiant Systems, to now include industry data security,” added Heyman. Fortuna brings 10 years of industry experience to this role. ”Jimmy will work inside and outside the walls of our company to fight for increased levels of data security in the retail and restaurant industries.”
Radiant is investing in these activities to help define new standards across the payment process, educate businesses on how to reduce theft by meeting the current 12-step Payment Card Industry Data Security Standard (PCI DSS) requirement process, and build new technologies outside its POS software to combat theft.
“We have been a leader in meeting payment application requirements, and we applaud the standards set forth by the Payment Card Industry, as well as the mission of newly established organizations such as the Secure POS Vendor Alliance,” Fortuna said. “But using a secure payment application is only part of the 12 steps for a business to be fully compliant with the PCI DSS requirements. And, being fully compliant with this standard does not eliminate the risk of criminals stealing card data from merchants, so we want to do more.”
Radiant Systems’ third generation of Payment Application Data Security Standard (PA DSS) validated POS platforms is currently completing validation by Coalfire Systems, Inc., a leading IT audit and compliance firm. “Over the past year, we have seen a dramatic increase in the sophistication of attacks on payment transactions that look for the gaps between PA DSS-validated payment applications and PCI DSS-compliant network infrastructure,” said Rick Dakin, president of Coalfire. “Radiant Systems’ leadership, a catalyst for increased collaboration efforts between merchants, infrastructure solution vendors and POS platform developers, will be essential to close the gaps that put the entire transaction process at risk.”
“The goal is simple – we want to reduce theft, even though we recognize it is impossible to completely eliminate,” added Heyman. “Even banks with the best vaults can still be robbed.”
“Every consumer deserves to be protected - whether or not they are in a restaurant or shop that uses our technology. We are calling on all companies involved in the card payment process, including our competitors, to work together in the fight to stamp out theft of sensitive data.”
About Radiant Systems, Inc.
Headquartered in Atlanta, Radiant Systems, Inc. (Nasdaq: RADS) is a global provider of innovative technology to the hospitality and retail industries. For more than two decades, Radiant's point of sale hardware and software solutions have helped to redefine the consumer experience in more than 100,000 restaurants, retail stores, stadiums, parks, arenas, cinemas, convenience stores, fuel centers and other customer-service venues. Radiant has offices in North America, Europe, Asia and Australia. For more information, visit www.radiantsystems.com.
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