What are the standards of payment card industry?
Industry standards of credit cards are standards that control how credit card companies and traders who trade process credit card data and process payments. In principle, any standards or proven procedures that are widely monitored in the credit card industry can be called the standards of payment card industry. However, phrases are most often used in connection with the standard of data security in the field of universal payment cards, also known as PCI DSS. PCI DSS is a document promoted by five main credit card companies that provide instructions on how to store numbers and credit card revenues, how to secure business computer networks and how to handle payment processing, among other things. Compliance with the PCAs Industry Standards set out in PCI DSS is technically voluntary, but failure often has negative consequences for companies and shop owners.
creditLitto cards are often used to pay for everything from large, one -off purchases to everyday needs such as food and gas. When a customer runs through a credit card, a computer system owned by a merchant reads the credit card information and then transmits this information via an internet connection with a computer computer for verification. Although this transaction usually lasts only a few seconds, it includes many highly sensitive information. If this information is not properly protected, it can open the card owners and traders up to fraud. Standards of the main payment cards are designed to prevent or at least reduce the likelihood of this fraud.
Although some countries set uniform data security standards for financial transactions, not all yes. Even the laws that exist usually regulate the financial industry in general, a minimum standard that is not adapted to the needs of credit card industry. A payment card with a wide prevents industryThere are simply no regulations. If they are adequately accepted, the payment card industry can fill in this gap.
One of the main advantages of payment card standards is that they are created for companies that most use and deal with credit cards. According to their definitions, the standards are voluntary and no laws force companies to adopt them. However, when enough companies start to be carried out agreed standards of payment cards, standards are often generally expected. The aim of standards such as PCI DSS is to unify security measures around the world.
PCI DSS was originally developed by a group known as the PCI Safety Council. This advice consists of representatives of the five largest credit companies: American Express®, Discover®, JCB®, MasterCard® and Visa®. Together with the design and updating of the standards, the Council seeks to improve the Industry of General Credit Cards Standards and Industrial Regulations. The Council educates sectors OCHRany of personal data and security on the security of credit card data to support this goal. It also provides educational programs and sponsors of conferences aimed at helping companies State.
6 This means that sellers must accept and monitor how their systems implement the specifications of the payment cards set by standards if they want to continue receiving credit cards as payments. Credit card companies are usually audited every year by compliance with large companies. Small businesses are usually allowed to follow their observance. If the merchant is to fail, penalties may range from fines to complete cancellation of the payment card service depending on the seriousness of the breach.