From tomorrow (1st July) all online retailers that process less than 20’000 transactions a year must have basic Payment Card Industry Data Security Standards (PCI DSS) compliance.
If the online shop doesn’t then Visa will increase the processing fees or possibly stop the merchant from being able to accept Visa cards (which are often the most popular card used).
And from 30th September all MasterCard transactions and sites processing over 20’000 transactions must be compliant!
Not only could a merchant face higher charges, but a data security breach following non compliance can result in massive costs & fines. It could be up to £1 million for a compromise of just a 1’000 customer’s credit or debit card details by the time the card replacement costs, fraud costs, charge-back fees, investigation charge and fine for the security breach are all taken into account.
The Payment Card Industry Security Standards Council that develop the DSS have more information on their site, and there are online tools to test and monitor compliance such as Security Metrics.
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