Fraud prevention related to credit card transactions is essentially a constant battle between companies and criminals, which is why PCI DSS is such a crucial set of standards. To put it into layman’s terms, Payment Card Industry Data Security Standard allows businesses to protect their consumer’s data from being breached.
Nowadays, you must be compliant with PCI DSS if you store, process or transmit credit card information, and if you don’t, you could be faced with hefty fines. The actual standard itself is divided into 12 distinct rules, and those rules fall under a few main categories.
Those categories are – build & maintain a sheltered network, protect cardholder data, keep an information security policy, implement robust access control measures, and house a vulnerability management program. So, like we’ve already touched on, compliance is necessary whether you process 1 card payment a year, or 1,000 card payments a day.
But, PCI DSS is slightly different in certain scenarios, and we’re going to discuss 3 of them below…
PCI for Business
Plenty of business owners adopt a belief that they cannot be held accountable if they haven’t signed an official document to state they’re PCI DSS compliant. Alternatively, business owners feel that following all of the stages of the standards is incredibly costly, and isn’t financially friendly.
But, they’re vital for the growth of your business. If you gather a reputation for credit card data breaches, customers won’t have the trust needed to continue purchasing from you. This will crush your brand identity and will cost you more money in the long run. So, whenever you’re storing or processing credit cards, make sure the security is at a maximum.
PCI for Retailers
As a retailer, you’re responsible for the security of your EPOS system. If you’re a thriving business, customers will be buying things from your store all day long. This means plenty of pins will be inputted into the card reader, and credit card storage databases will be constantly added to.
So, you need to ensure that the card reader itself is protected from fraudsters, your overall payment and network systems are secure, and the PCI DSS standards are adhered to. Also, it’s wise to train your staff on credit card fraud prevention, as they will be the ones handling the transactions and utilising the EPOS system.
PCI for Ecommerce
Cyberattacks are unfortunately extremely common these days, and malicious hackers are constantly endeavouring to acquire consumer credit card data. That’s why PCI DSS is super-important for e-commerce businesses. Yes, the internet allows you to reach a mass audience, and sell on an unlimited scale, but consumers should always be the number one priority.
Therefore, to keep cardholder data safe, you should keep a strong firewall between the payment method and the public network. Plus, you should always ensure antivirus and other security measures are effective, and they’re performing optimally. Ultimately, you want to guarantee that your platform allows customers to make purchases, with the assurance that their information will be protected.