Credit Card Data Security - Processors must get Compliant with PCI

Heads UP - if you sell anything that requires credit card payment processing! Hopefully you are already awarebof PCI or you may be subjected to hefty fines in the very near future.Companies like Visa and MasterCard want their partners and retailers compliant.

Who does this effect?
YOU- if you do any business that requires payment related transactions using credit cards. Retailers, acquireres, processors etc. And Yes - this means all transactions that are done Online, Telephone, Retail stores etc...that process credit cards.

Why is PCI being enforced?
Identity theft is a serious topic, and credit card data is one of the primary targets. The Payment Card Industry (PCI) standard was designed to provide the baseline requirements for how vendors should protect cardholder data to ensure it is not stolen or compromised.

So what does PCI do?
PCI was designed to provide the baseline requirements for how vendors should protect cardholder data to ensure it is not stolen or compromised.

When will Fines begin?
It won't be long before these companies will begin issuing fines on acquirers whose merchants are not compliant with the PCI standard.

When is the projected deadline?
There is a deadline to comply-or be fined. It is reportedly September 2007. They think fines will do the trick to enforce compliance. Note - Visa and MasterCard use CISP which is incorporated in the PCI standard.

Will Credit Card Users be fined too?
NO. Visa offers Safe Harbor for the credit card users if the retailer is not compliant. It is the retailer and middle processors that will be fined.

To get up-to-speed
Visit: http://www.pcistandard.com
http://www.mastercard.com/sdp
http://www.visa.com