01 Jun PCI Compliance: Data Security Matters
Do you accept credit cards? An affirmative answer means your business is also PCI compliant – right? If you answer “no” or “I don’t know,” you may have some work to do ASAP.
YOU VALUE YOUR CUSTOMERS – BE SURE YOU VALUE THEIR PAYMENT CARD DETAILS.
Protecting your customers’ credit card information isn’t just a good idea – it’s a requirement for any business that processes, stores or transmits payment card data.
Whether you do business over the phone, on a mobile device or in-person at the point of sale, the Payment Card Industry Data Security Standard (PCI DSS) applies to you. The size of your business determines the specific compliance requirements that must be met.
The standard was developed in 2006 by the major card brands – American Express, Discover Financial Services, JCB International, MasterCard and Visa – to facilitate the adoption of consistent data security measures. Although the council sets the compliance standard, the card brands and acquirers are responsible for its enforcement.
Merchants who are non-compliant may be subject to large fines, card replacement costs, account termination – not to mention the damage to your brand should a data breach occur. But with a little upfront effort and the right expertise, you really can reduce your overall security risk.
Start with the right processor
A credit card processor that helps minimize fraud and mitigate risk is a must-have for any merchant doing business today. At EVO, we’re at the forefront of fraud prevention.
Our technology is designed to detect fraud before it happens. On any given day, we monitor and analyze more than 350,000 transactions as part of our proactive fraud detection system. Our constant account monitoring helps our merchants significantly reduce the risk of fraud.
PCI compliance continues to improve, but four out of five companies still fail at interim assessment. This indicates that they’ve failed to sustain the security controls they put in place.
When you sign up for an EVO merchant account, you’re doing business with a provider that helps ensure your business is PCI compliant by implementing measures to protect your customers, your data and your operations. We take data security very seriously.
Bottom line: PCI requirements will continue to evolve – and so will the threats to your cardholder data. The ongoing viability of your business could depend on the actions you take or don’t take when it comes to data security. Ultimately, the goal is to be able to answer “Yes!” when asked if your business is PCI compliant.