ss_blog_claim=bd50edc517cf0b7549fe6b5f63b6b5f8 The SLS Business Finance Blog: What Is PCI Compliance?

Tuesday, December 23, 2008

What Is PCI Compliance?

Payment Card Industry Compliance is a critical and ever changing standard that affects millions of businesses in the US. Most importantly it was created to help with the rising issues surrounding identity theft. The Identity Theft Resource Center, a non-profit organization in San Diego states that not only is identity theft no going away anytime soon, it’s out of control! Today’s economic climate provides the perfect catalyst for identity fraud. The PCI Data Security Standard (PCI DSS) originally began as five different programs from the five credit card schemes. Each company’s intentions were roughly similar: to create an additional level of protection for consumers by ensuring that merchants meet minimum levels of security when they store, process and transmit cardholder data.

Who has to comply you might ask?
Any business accepting credit cards must comply annually. There is no way around it. It is especially critical for those businesses that feel the need to store credit card info after an initial transaction is complete such as those doing recurring transactions.

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