Why is PCI Compliance Required?
The credit card processing industry is a complex web of participants who all collectively work together to promote and facilitate safe solutions for payment acceptance. The card associations, processors, acquirers, merchants, and cardholders are all integral parts of this industry. Part of the responsibility of each is protecting cardholder information from those whose goal is to steal and abuse, or otherwise use this information fraudulently.
The Payment Card Industry Data Security Standards is a set of regulations endorsed by all major credit card brands, including American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa Inc. – to help ensure the security of cardholder data. Compliance with the PCI DSS is required by all merchants and all payment channels, regardless of industry, business type, size of their business or the number of transactions processed.
The Payment Card Industry Security Standards Council or PCI SSC – often termed simply “the Council” is an open global forum. The “Council” was launched in 2006, to help develop, facilitate and manage the PCI Security Standards, which include the Data Security Standard (DSS), Payment Application Data Security Standard (PA-DSS), and PIN Transaction Security (PTS) Requirements.
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