The Payment Card Industry or PCI Council is a regulatory body that recommends security measures and parameters for card transactions. It is not a legal requirement, but many card networks have trust in it. Visa refuses for a transaction with anyone that is not PCI compliant, and since it is the most popular card network, that does not leave most merchants much choice so most of them follow PCI council. The PCI DSS (Data Security Standards) has 12 key points classified into six categories. They are designed to protect you and your customers from fraud and losses. Let’s see how each one work.
1. Build’s Secure Network
For example, all the security systems come with default PINs and passwords. One must always change them because you know defaults are easy to guess, so they are susceptible to virtual break-ins and anyone can attempt fraud with that access. Everyone using such security system also needs a super strong firewall, so that it keeps out potential malware from phishing scams activity and Trojan downloads.
2. Protecting cardholder data
The location of your data should be as safe as a bank vault, physically as well as digitally. Having customer cards information or physically stolen from your custody would be disastrous, so watch out. Also, when credit/debit card details are typed into your website or phoned in by customers, you should keep everything encrypted. This keeps it unintelligible in case of interception and the information remains safe every time.
3. Managing vulnerabilities
Unfortunately, we often do not know that we are vulnerable until something goes wrong. This means we have to actively search for weak spots in our credit card security systems. Install antivirus software, built-in security features, and update apps regularly whenever there is a new update release. Stay informed or aware of security scares in your market segment and implement protective measures accordingly. Be deliberate and proactive in your approach also pass on the same information to everyone you know.
4. Control access
There are digital files that contain customer confidential details, and if these are stolen, your customers are exposed to identity theft and fraud and can lose all money. There are also physical cards that can be swiped without any permission from the customer. While it is important to protect this information from intruders, it is also essential to make sure that it is protected from employee theft. The number of people that touch customers’ cards and/or review customer’s personal information should be restricted as much as possible. Anyone who logs details into the system or physically swipes customer credit/debit cards should have an individual ID for accountability purposes so that customer is safe at all ends.
5. Testing and monitoring
Even time to time the best systems need to be reviewed. There may be new threats daily and technology, or undiscovered weaknesses in the system, hence monitoring is like the backbone of the system. Keeping a close eye on every step will help you spot errors sooner, and regular testing will ensure everything stays in working order. Checking every part of your security protocol, knowing changes/upgrades in one area can inadvertently expose another.
6. Maintaining written policies
At a personal level, writing things down helps us remember for more time. At the corporate level, written policies offer proofs of commitment between anyone who is trading, as well as legal protection to both parties. They also offer instructions or information for dealing with serious issues, both on the business and customer side as this is necessary for both of them. Creating a legal document and updating it regularly, applying the latest security measures in your sector must be practiced. Ensuring your whole team is familiar with and fully understands these policies and follows them.
If you have been contacted by your banks or financial institutions lately only to discover that your credit card information has been compromised, then you have felt the growing frustration many consumers face in today’s time.
Indeed, the situation with respect to credit card frauds is only getting worse.
- Cards data stolen from 5 million Saks and Lord & Taylor’s customers in 2018
- 56 million card numbers from Home Depots in 2014
- 40 million card numbers from Targets in 2013
Dealing with a compromise is a time-consuming hassle from a consumer perspective
Depending on the e-commerce business technology and back-end as retailer uses, PCI compliance can be an easy check on a long list of things retailer need to do to ensure their customers are transacting securely in today’s time. Or it can be a big-time pain –– costing a lot of time, resources and money. This is particularly because of many of us maintain large numbers of personal online profiles data that afford us a convenient way to deal with recurring monthly or annual payments.
To Achieve and maintain PCI compliance is the ongoing process, an organization undertakes to ensure that they are adhering to the security standards defined by the PCI SSC.
To Know more about PCI Security Requirements, speak with a live representative directly at +44 800 776 5988 or get in touch with us through our website.