Levels of PCI Compliance

The 4 Merchant Levels of PCI Compliance

The regulation of payment cards is relatively new. But compliance with Payment Card Industry (PCI) standards is vital. The origins of PCI standards were in the 1990s, really the dawn of the modern era of computers. The security standards were developed because of serious incidence of credit card fraud once credit cards started being used for internet payments. Between 1988 and 1998, Visa and MasterCard reported credit card losses of $750 million. Although this is a sizable amount of money, it is a small percentage of the hundreds of billions of dollars in transactions recorded annually. History of PCI Security Standards Council (SSC) As increasing numbers of merchants began rolling out online commerce websites with poorly secured data systems, the rate of credit card fraud increased dramatically. The increasing rate of fraud prompted the development of industry security standards. In 2000, online credit card fraud grew to $1.5 billion, and the rate of fraud would…

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What is PCI Compliance

What is PCI Compliance? Common Questions Answered

If your business accepts any credit cards, then it is important to know what PCI Compliance is and how it applies. Knowing and abiding by the guidelines can save your organization from an expensive legal battle and ensure that your customers have the best security behind their purchases. Here are a few common questions regarding PCI Compliance: What is PCI Compliance? PCI (or Payment Card Industry) compliance requires following a defined the set of standards developed by the PCI Security Standards Council (which consists of AMEX, JCB, Visa, MasterCard and Discover). These standards apply to any company that accepts credit card payments, and all standards share the goal of providing and maintaining a secure network for customers that purchase via credit card. Who Sets The PCI Standards? The Payment Card Industry Security Standards Council establishes and sets the standards that must be followed by all merchants that accept credit cards. This council is managed by an…

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Secure EMV Chip Cards

4 Ways for Merchants to Avoid Fraud After the EMV Liability Shift

Card fraud is a persistent problem in the U.S. In fact, per The Nilson Report, U.S. card losses accounted for a whopping 38.7% (or $8.45 billion) of gross global card fraud losses in 2015. Given that stat, it’s no surprise the major payment networks instituted new rules that very year designed to mitigate the problem. While financial institutions traditionally footed the bill for fraudulent transactions, payment networks can now hold merchants liable for fraud if they accept the payment in store via a credit or debit card’s magnetic stripe and not it’s more secure EMV chip. That liability shift means it’s more costly than ever before for merchants to skimp on payment processing security. Here’s a guide to avoiding fraud with (and after) the EMV liability shift. 1. Upgrade Your Terminals EMV chip readers are designed specifically to prevent “card present” fraud. “Card present” fraud is just a fancy way of…

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Security Standards and Services

The 12 Mandated PCI Compliance Policies: Is Your Organization Doing All It Can?

If you work as a merchant in the payment card industry (PCI) pipeline, then you know that dealing with PCI compliance is a challenge. Sorting through the many rules and regulations is time-consuming and painstaking work; however, the time spent is worth it when you realize that PCI compliance helps provide shelter for you in case there is a breach. We studied the 12 mandated PCI compliance policies and have come up with a few tips for coping with this issue. Let’s start with the basics. PCI DSS Payment Card Industry Data Security Standards (PCI DSS) comprises the globally accepted policies and procedures of the payment card industry. The Payment Card Industry Security Standards Council developed and maintains these standards. The payment card industry and all merchants, retailers and other organizations of any size that accept payment by credit cards and process, store, or transmit cardholder financial information or authentication…

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EMV and Pay-at-table

Why EMV is Important For Restaurants

If you’re just hearing about EMV now, then I have some bad news for you. EMV rollout started about a year ago and has since passed one major deadline, Oct 1st 2015, for merchants. This deadline dictated that the merchant is now responsible for chargebacks and fraudulent transactions. During the rollout of EMV many business owners were slow to adopt the technology. Especially in restaurants where we still see that most if not all are relying solely on magstripe. Many restaurant owners refuse, or delay upgrading over the pure convenience that magstripe has provided them for years. Even though they’re the ones bleeding out cash in fees and chargebacks each month. Magstripe vs EMV EMV transactions rely on a small embedded chip programmed with a special token. The chip gives it the ability to dynamically generate a secure transaction between the bank and the card. Every time the card is…

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