Bindo Reduces Credit Card Fraud with Rollout of New Chip Reader
New York, NY, August 7, 2014 (Newswire.com) - Bindo, a leading retail technology company that aims to close the gap between selling offline and online for retail store owners, today announced the launch of a mobile EMV credit card reader for its cloud-based iPad point-of-sale (POS) system. This comes in light of the U.S. government’s recent warnings about POS malware and advice from the Department of Homeland Security on implementing EMV-enabled PIN entry devices that have Secure Reading and Exchange of Data (SRED) capabilities.
Bindo’s newly developed EMV reader has full end-to-end encryption with its iPad POS system and is both EMV Level 1 and Level 2 certified in the United States. It slots comfortably into the audiojack of an iPhone or an iPad, and allows mobile credit card payment acceptance. Bindo’s system encrypts and tokenizes cardholder data at the point of capture and its Tamper-Safe security module (TSSM) helps prevent third party brute force attacks. The card reader will continue to support dual and triple track card reading. Others in the industry have announced EMV chip readers. Unlike competitors, however, Bindo’s mobile card reader will be able to process both chip-and-signature cards and chip-and-pin cards, enabling EMV debit card transactions, reducing the need for merchants to carry multiple terminals.
“Security is a top priority at Bindo,” says Brad Lauster, cofounder of Bindo. “It’s the foundation upon which we create our best-in-class user experience. Features mean nothing without a trustworthy base, so every transaction made through Bindo is encrypted. Furthermore, we maintain 100% compliance with PCI Data Security Standards.”
According to Visa, MasterCard, and AMEX, merchants who have invested in EMV deployment, such as Bindo’s solution, will be protected from financial liability for card-present fraud, under the new rules that will come into effect by 2015. However, merchants who don’t meet this standard by October 2015 will be liable for fraudulent purchases during card-present transactions, a factor that will drive store owners to adopt the new standards as soon as possible. This reflects a shift from legacy magnetic-stripe credit cards, to chip-and-signature or chip-and-pin cards, which are less vulnerable to credit card fraud. Bindo’s development of the iPad POS with integrated mobile EMV reader reflects the company’s commitment to security, while continuing to deliver their best-in-class user experience which has made its solution popular with retail merchants.
ABOUT BINDO
Bindo was founded in 2011 by Jason Ngan and Brad Lauster. It has developed a cloud-based iPad POS (Point-of-Sale) that enables online shopping for the end consumer. In a few months, it will be releasing Bindo Marketplace: a consumer app that aggregates all of the stores using Bindo POS onto one platform, allowing consumers to purchase directly online from their favorite neighborhood store, and have their orders delivered. In doing so, Bindo aims to close the loop between the online and the offline. As the network grows, Bindo becomes a real-time product graph, connecting brands, consumers and merchants. For more information, please visit Bindo’s website at http://bindopos.com.