03 April - MeaWallet, a leading digital payments enabler renowned for its expertise in card tokenization, announces its achievement of the PCI DSS v4.0 certificate of compliance months before 2024 deadline. Issued by 7Security GmbH, a leading QSA (Qualified Security Assessor) and PCI DSS consulting company, this certification highlights MeaWallet's dedication to upholding the highest standards of security in digital transactions.
PCI DSS, the globally recognised Payment Card Industry Data Security Standard, sets out rigorous technical and operational requirements designed to safeguard payment data. With the advent of PCI DSS v4.0, MeaWallet embraces the next evolution of this standard with the help of 7Security, further fortifying its defences against evolving cyber threats.
7Security supported MeaWallet with the compliance assessment process to navigate the transition to PCI DSS v4.0. Since 2021, 7Security has collaborated closely with MeaWallet, undertaking annual PCI DSS projects to ensure adherence to industry standards. As an independent security organisation qualified by the PCI Security Standards Council, 7Security's mission is to streamline the compliance process for its clients, offering unlimited consultations, cost-effective approaches, and guidance on modern solutions.
In previous PCI DSS projects, 7Security and MeaWallet worked together under version 3.2.1 of the standard. However, with the more recent release of PCI DSS v4.0, which introduces additional controls and requirements, MeaWallet transitioned to the new standard ahead of the mandatory deadline.
PCI DSS v4.0 introduces several enhancements aimed at strengthening payment card data security and addressing emerging threats. By partnering with 7Security, MeaWallet benefitted from expert guidance and tailored solutions to navigate the complexities of the updated standard efficiently.
Pavel Kaminsky, CEO of 7Security commented: "MeaWallet demonstrated impressive leadership by opting to adopt the latest version of PCI DSS. MeaWallet demonstrated compliance with all requirements, which is a testament to its proactive approach to mitigating risks and safeguarding the integrity of digital transactions. As cyber threats become increasingly sophisticated, our ongoing partnership exemplifies the collaborative approach necessary to ensure robust security and protect cardholder data entrusted to MeaWallet through its customers."
According to recent reports, the surge in e-commerce fraud poses significant challenges for businesses worldwide. With e-commerce merchant losses due to payment fraud surpassing $41 million in 2022 and was projected to exceed $48 billion in 2023, the imperative for robust security measures has never been clearer.
Thomas Benjaminsen Normann, CPO and Head of Express Issuance at MeaWallet added: "7Security alleviated MeaWallet's PCI DSS compliance challenges by simplifying the complex process, most recently guiding us through a transition to version 4.0. They streamlined the process and ensured comprehensive adherence to the standard. Furthermore, their expertise helped us not only meet compliance but also implement robust security practices and increase our team’s skillset, laying a strong foundation for the future. In short 7Security reduced project complexity, ensured up-to-date security measures, and positioned MeaWallet for ongoing compliance and security excellence."
For more information about MeaWallet, visit: https://meawallet.com/, and visit 7Security’s website to learn more about their services.
