Whether you process credit card payments through a store front terminal or online, there are certain mandatory security requirements you must follow to ensure your customer’s payment card information is safe and secure. The CHIPD team is here to help you navigate through the Payment Card Industry (PCI) security standards. Please take a moment to read through this page to learn more about PCI’s Data Security Standards (DSS) and how to get started.
What are PCI’s Data Security Standards (DSS)?
PCI’s DSS are a set of industry tools and measurements to ensure the safe handling of sensitive information. PCI was initially created by aligning Visa’s Account Information Security (AIS)/Cardholder Information Security (CISP) programs with MasterCard’s Site Data Protection (SDP) program. This provides a framework for developing a robust account data security process – including prevention, detection and reaction to security incidents.
What are the consequences if I do not comply with PCI’s DDS?
If you are not compliant, a non-compliance fee of $18.95 per month will be assessed until you are compliant. Also, compromised data negatively affects consumers, merchants, and financial institutions. A single incident can damage your reputation and your ability to conduct business effectively for many years. Possible negative consequences also include:
- Insurance claims
- Cancelled accounts
- Payment card issuer fines
- Government fines
How do I get started?
If you are a new merchant of CHIPD, you have 90 days to become compliant.
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Compliance is an ongoing process, which helps to prevent security breaches and theft of payment card data today and moving forward. The PCI Security Standards Council is constantly working to monitor threats as data compromise becomes more sophisticated. When you stay compliant, you are part of the bigger solution.