Case Study Of PCI DSS Compliance

If you have ever bought something over the internet and used a credit card you may not have thought how secure is my information? Is this vendor someone I can trust with my credit card number? Will they inform me if my information is lost or stolen by them? These questions and many more can be answered by the Payment Card Industry Data Security Standard (PCI DSS). The PCI DSS compliance requirements are strictly enforced by the payment card brands to all merchants who transmit, store, or process credit card information. The main goals or objectives of PCI DSS are: build and maintain a secure network that is PCI compliant; protect cardholder data; maintain a vulnerability management program; implement strong access control measures; regularly

PCI DSS is not a law. Instead, it is a standard that was jointly created by several credit card companies. Any organization that accepts credit card payments over the Internet needs to comply with PCI DSS..

Payment Card Industry Security Standards Council (PCI) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment. Essentially any merchant that has a Merchant ID (MID) (PCI Compliance

With the Credit Card reform comes many new laws. Unfair rate increases were prevented putting a ban on increasing rates on existing balances. It also put an end to unfair fee traps. Credit Card Companies were made to give customers at least twenty-one s days from the time of mailing to pay. The reform also stopped late fee traps for weekend due dates and middle of the day

The major credit card companies formed the Payment Card Industry Security Standards Council. This council was created to combat lack of security, hackers, and misuse of cardholder information. The council

^2 This mishap led to the creation of paying with credit as opposed to pay with cash in the instant. In 1958 American Express emerged into the credit card industry; introducing a purple charge card. These charge cards functioned in a closed-loop system. Which in other terms means that, the issuer authorizes and handles all aspects of the transaction and settles directly with both the consumer and the merchant. The customer has to pay everything at the end of the month in a closed-loop

A single data breach can severely impact a company’s reputation as well as their ability to conduct business in the future. For merchants that process, store and transmit credit card information, PCI DSS has never been more important.

‘’Founded in 1994 the EMV referred to Europay, MasterCard, and Visa, who together provided better card security.’’ (www.thebreif.com) Currently credit card fraud has been at an all time high in the years 2016 and 2017. This activity has skyrocketed since young teens and young adults have the idea of targeting adults and senior citizens, and using someone 's information to buy whatever the scammer desires. “The U.S. is responsible for 47% of the world’s fraud despite only accounting for 24% of total worldwide card volume.’’ (www.nasdaq.com) Credit card fraud has been a big problem, although through new security implementations such as chips and pin systems, the level of security associated with cards has improved. In the future credit card fraud may come to a stop, or at least slow down significantly. With this new security being implemented and new legislation laws credit card offenders may finally be brought to justice.

Filed in 2005, Visa Interchange challenged on antitrust grounds the legality of three credit card practices: the mandatory default interchange fees that merchants must pay for every transaction; the Honor all Cards/Issuers rules that require merchants who accept Visa and MasterCard-branded credit cards to accept all cards of that brand; and, anti-steering restraints that prohibit merchants from using price signals at the point of sale to steer customers to less costly forms of payment (e.g., discounting and surcharging). A following is a summary of those original allegations:

There are advantages and ways that a single physician medical practice can start a card payment system. According to the research firm Javelin Strategy and Research. By the year 2017, twenty-three percent of all point of sale or counter sales will be made in cash ( Brooks, 2014). What this means is that over seventy percent of counter sales or point of sale transactions will be made electronically. It is, for this reason, prudent for all forms of business to ensure that they can evolve with the market. If the business is unable to do so, it is likely to lose its edge over its competitors. The Payment Card Industry Data Security Standard, are the rules that regulate the way businesses or organisations handle credit card information or data.

Eric informed me that the scan was going very slowly and it looked like it would take hours to complete. He asked if I wanted to leave the laptop there and he would call me when it was finished scanning. He did not know why it was taking so long. I asked if I could get a drop off ticket and he went ahead and filled out an Intake Customer form.

Card information was stolen by hackers and sold to others. Result in customer loss their money.

Secure Credit Card data per standards of the Payment Card Industry Data Security Standards (PCI DSS).

On October 7, 1998 the Department of Justice announced it’s intent to sue Visa and MasterCard on antitrust grounds. U.S. Attorney General Janet Reno said, “The Justice Department’s antitrust division found persuasive and systematic evidence of the harm done to competition in the credit card market. Competitive initiatives that could benefit consumers have been abandoned, delayed or suppressed. Consumer choice has been reduced, and competition among card networks has been substantially restrained”(American Express Company, 2000, 1).

Filed in 2005, Visa Interchange primarily challenged the legality of three credit card practices: mandatory default interchange fees that merchants must pay for every transaction; the Honor all Cards/Issuers rules that require merchants that accept and Visa- or MasterCard-branded credit cards to accept all cards of that brand; and, anti-steering restraints that prohibit merchants from using price signals at the point of sale to steer customers to less costly forms of payment (e.g., discounting and surcharging). .