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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