Improving security and cutting fraud
Card schemes – such as MasterCard and Visa – need to make sure merchants have protection in place to deter hackers and criminals. Cardholder data is a tempting target for fraudsters – and there’s been a series of recent high-profile security breaches around the world.
What is PCI DSS?
The PCI Security Standards Council manages the security standards for the payment cards industry. The council was formed by Visa, MasterCard, American Express, JCB and Discover.
It works across five main areas:
Compensating Controls may be considered when an entity cannot meet a requirement explicitly as stated, due to legitimate technical or documented business constraints but has sufficiently mitigated the risk associated with the requirement through implementation of other controls.
If you are not compliant to the Payment Card Industry Data Security Standards (PCI DSS) you will be responsible for any losses through fraud, and may also face considerable fines. Your customers will suffer if their card details are compromised.
Your business reputation will suffer as a result. Taking responsibility for PCI compliance forms part of your merchant Terms & Conditions.