Don’t Let PCI Compliance Fines Ruin Your Business

July 26, 2012 · Posted in Business · Comment 

There’s been talk of non-PCI compliant fines since the standards were launched by the PCI Security Standards Council (PCI SSC) in 2006. PCI Compliance is very important and many businesses have suffered the consequences for not staying in compliance.

We’ve seen companies suffering from a breach, like TJX Corporation in 2007, pay out bucket loads of money in fines, law suits and replacement credit cards. The cost of the TXJ breach has been estimated in excess of $1 billion. But for years now, fines for non-compliance – as long as you don’t suffer a breach – have seemed to be a relatively faraway threat. Many companies may not even think that they need to be in compliance or that it is not a big deal.

In order to protect themselves from card data theft and achieve compliance, businesses are looking to available technologies that will help them satisfy the compliance requirements of the industry. One technology that has received growing attention is encryption. End-to-end encryption (E2EE), or point-to-point encryption as the PCI SSC dubs it, protects the sensitive cardholder data from card swipe until the payment processor.

Payment brands have the ability to fine acquiring banks up to $100,000 per month for non-compliance violations. These fees are then passed down by banks to non-compliant merchants. The potential costs associated with non-PCI compliance don’t just end with fines, credit card replacement and audit fees: costs can also come in the form of loss of business and revenue, brand damage, increased transaction rates or banks terminating their relationship with a merchant. Such penalties can be catastrophic to a small business.

Results of the Ponemon Institute demonstrate the growing awareness of the PCI DSS requirements, as well as the increasing effectiveness to drive the uptake of advanced technology to protect cardholder data. Don’t forget how important PCI Compliance is!

Looking to find the best deal on PCI Compliance, then visit www.trust-guard.com to find the best advice on the PCI Compliance Standards for you.

PCI Compliance Guidelines

May 27, 2012 · Posted in Internet · Comment 

If you are a merchant who accepts credit or debit cards you must be PCI compliant. If you are not then you risk being de-certified and will have to stop accepting this method of payment. Security is a high priority and concern for consumers when paying for things with their credit cards. Customers do not want information being transmitted about them on an open internet. With millions of transactions taking place every year fraud prevention and PCI compliance is becoming more of a concern. Small vendors who have not prepared may lose the ability to accept credit cards if they do not implement PCI compliance.

The cards can actually be issued by one of these companies or by a bank that has a contract with one of these companies. Now the companies will also make deals with some merchants and even some online merchants in order to make sure that they accept their card and their logo. Keep in mind that there is always going to be a PCI compliance deadline to consider. As a merchant when you accept credit cards then you are required to operate under certain PCI compliance requirements. All of these will be outlines in your merchant agreement that you signed when you started accepting credit cards. There is really no cost of PCI compliance unless you are not compliant and then you can be fined.

The thing is that if you are not compliant you can get fined very heavily from the bank. This is because the bank is actually being fined by the credit card processing companies and then they are passing on the fine to you as the consumer who was under them and consequently had broken their contract. So it is essential not to have the cost of the compliance that you actually focus on the agreement and understand what is required of you. This might include a deadline in which certain things might have to be completed in a specific time frame. The things that they PCI compliance is asking for are not anything that should not already be done anyways. They maintain that you have to have a secure connection and that there are appropriate firewalls preventing someone from being able to hack into the system by the compliance deadline.

This issue of compliance is done to protect the card holders and the banks from being liable when someone has illegally purchased something on one of the cards. If you are an online business then the system that you have must actually make sure that things are fully protected and that anyone is not supposed to be there is not able to get information. Further there has be special attention paid to anything that could make the company more vulnerable.

By narrowing down what level and type of merchant you are, you’re well on your way to becoming PCI compliant! PCI compliance is very important to your business and for your customers. Don’t take it lightly.

Looking to find the best deal on pci compliance, then visit www.trust-guard.com to find the best advice on the pci compliance standards for you.

Facts of PCI Compliance

March 16, 2012 · Posted in Internet · Comment 

In today’s world, the amount of online frauds who are threatening the cyber transaction of money is becoming high and high with every passing day. For such reasons, people are looking for good quality security procedures that can help them to save their money.

Companies which are engaged in such kind of businesses are also need to be assured about their transactions and about the safety of their customers. Basically, they also may need to pay fines for not providing a security system to the clients of their company in the case of credit card transaction. Now, for all these reasons, the invention of PCI Compliance is necessary. It is better known as the Payment Card Industry Compliance.

Major cards which are meant for transaction of money are subject to such kind of PCI Compliance, such as – debit card, credit cards, prepaid cards, ATM cards, and e-purse and so on. These standards of security are set up by the Payment Card Industry Security Standards Council, and must be maintained by all the organization concerned with credit card transaction.

There are many online frauds present, who can hamper your money and make you bankrupted at times. PCI Compliance helps you in these cases by providing complete security to you and your transactions. For such causes, you need to be connected with such a Payment Card Industry company which is under the cover of PCI Compliances. This will make you feel easy and breathe a sigh of relief at the moments of high amount transaction through your bank account.

PCI Compliance is also known as Payment Card Industry Data Security Standard or, PCI DSS. There are various standards of such compliance, and there are various categories also. Depending upon the amount of transaction, these complaints can be sub divided into 4 sub groups. So, if you own a Credit Card Business, then you should take help of this compliance to make your business and also your clients feel free.

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