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The open global forum that promotes the ongoing development, dissemination, enhancement, implementation, and storage of account data protection security standards is the PCI Security Standards Council.  PCI compliance refers to maintaining those standards by creating awareness and educating those individuals who work within the industry.  The requirements set forth by these standards ensure that all companies provide a secure environment for the processing, storing, or transmitting of any credit card data and personal information.

Credit card companies, financial institutions, and merchants are all PCI members and must be compliant if they are going to accept credit and debit cards.  Fines can result as well as losing the ability to process credit and debit cards if these entities fail to meet PCI compliance standards.  These standards are comprised of the following 6 categories, all of which must be met in order for them to be PCI compliant.

 

 

 

 

 

The first step where PCI compliance is concerned is meeting the standards listed above.  Vendors that abide by these standards are given ratings based on the volume of their monthly transactions.  It is the business owner’s responsibility to ensure that all employees understand these standards so that all cardholder information is secure.

Posted in Credit Cards on Feb 01, 2014