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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