Shell pumps account for more than 350 billion Euros (About $400 billion) in card transactions a year on a global basis, leaving the company open to a great deal of security risk. Shell, based in the Hague in the Netherlands but more than 80,000 employees globally, recently partnered with a technology firm called Cybera technology to address security risk and outdoor payment compliance.
The technology allows for each fuel pump to reside on its own dedicated network. Shell was looking not only to protect consumers, it also was looking to meet the October 2020 mandated outdoor Europay, Mastercard and Visa chip compliance deadline. Shell fuel dispensers will be converted to IP network-enabled devices, and through Cybera cloud lowering the risk of bank and credit card fraud in thousands of locations.
“Large brands with highly distributed sites, like Shell and its partners, are continuously looking for ways to strategically leverage the value in a retail footprint, generate growth, and address evolving business, technical and network security needs for themselves and their customers,” said Andrew Lev, CEO of Cybera. He went on to explain that Cybera’s scalable platform looks to help store owners to rapidly deploy new business applications and use services that provide a competitive edge in the marketplace.
“The Shell path to ensuring payment protection and connectivity was forged through an uncompromised commitment to customer service and excellence,” said Paul Melton, senior VP and general manager of Petroleum at Cybera. “Cybera has a long-standing relationship with Shell for managing payment systems, loyalty programs, tank monitoring, in-store kiosks, and environmental controls."
Cybera is initially working with Shell in North America on this new initiative, but it is likely this will expand to Shell’s retail locations on a global basis to meet security needs in all contexts. The $400 billion annual revenue figure is astounding, but the number of global retail consumers that generate that revenue poses an even greater threat due to credit card and cyber fraud.
- Goldman Sachs, J.P. Morgan and Citigroup Fintech Investments Growing Like Never Before
- U.S. Banks Leaders in Technology Innovation According to New Survey
- Online Bank Aspiration Launches Debit Card that Rewards Social Responsibility
- The Future of Asset Management, Part I: Where We’ve Been Explains Why We’re Here
- Freddie Mac and Fannie Mae Have Two Reasons to Celebrate