PCI DSS or payment card industry data security standard to protect your credit card identity
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Cardholder Benefits » PCI DSS or payment card industry data security standard to protect your credit card identity

PCI DSS or payment card industry data security standard to protect your credit card identity


Updated: December 25, 2012

By
Add to Favorites:

With the growing use of credit cards, identity theft and credit card frauds have increased many folds. Is there a set up or a device capable of combating this menace and prevent loses to the users? Yes, there is such an apparatus in force and has largely been effective in neutralizing threats posed by poaching elements offering protection, It is called "Payment Card Industry Data Security Standard" or PCI DSS in short.

A PCI DSS is a standard prescribed for information security world wide by the Payment Card Industry Security Standards Council.  The standard has been designed as a preventive measure to tackle credit card fraud or identity theft for the use of companies of the payment card processing industry. This is done by the tightening of security around card user's data and its vulnerability to theft.

Organizations that process credit cards, exchange or hold card user data with any of the branded credit card companies are to apply this standard to their processing system.

Irrespective of the size of the organization or its capacity to handle volume of business, the regulations of these standards are to be applied and the equipments certified. So it is apparent that any enterprising organization big or small, accepting credit cards for payment transaction must comply with PCI DSS. The compliance of validation must be done annually, either externally or internally based on the size of business an organization is processing. Large companies can get their assessment done by an independent assessor recognized as Qualified Security Assessor or QSA. Where as an organizations processing smaller amount of business can opt for compliance through a Self-Assessment Questionnaire or SAQ. However this has to be certified by a QSA before it is submitted.

Bodies in direct relation to the in-scope organization will enforce the compliance. For example, organizations that process American Express the compliance will directly deal with American Express for compliance, where as for MasterCard or Visa transactions, the organization's acquirer will enforce the compliance. For organization in relation with a third party supplier or a hosting company, the responsibility of compliance falls on the in-scope companies. Any organization that is non-compliant while dealing one or more credit cards brands directly or through an acquirer stand the risk of loosing its capability to process credit cards and are liable for heavy penalties.

So as a credit card user it is your primary duty to check whether your card processing company, equipment is PCI DSS compliant and if not, take immediate measures to safeguard your credit card interests.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

5 Reasons to Get the Capital One Venture Miles Rewards Card

By Herbert Moore, Posted: January 18, 2017

If you’re looking for a great travel rewards credit card—one that offers unlimited earning opportunities, flexible redemption, and lots of perks—look no further. This card from Capital One has you covered. Continue reading

Credit Card Tips For Holiday Shopping 2016

By Herbert Moore, Posted: November 23, 2016

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household ... Continue reading

Credit Cards to Save More on Holiday Shopping

By Herbert Moore, Posted: November 22, 2016

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door ... Continue reading