Dec 20, 2008
Download Soon after they were introduced years ago, payment cards became one of the most popular means of making payments for goods and services among the public. But while payment cards provide their holders with maximum convenience, using them involves additional risks. If the information that is contained on a plastic card falls into the hands of a malicious user, the owner of that card risks losing money from his personal bank account. It is equally important to note that cardholders aren't the only ones who have fallen victim to these risks-- both banks and payment systems have also suffered. If payment information has been compromised, banks must issue new cards, and this process means additional expenses. In some cases, banks must restore material damages incurred by the cardholder. In addition to direct losses, financial institutions also face major indirect losses such as damaged reputation and diminished trust in payment cards. The Payment Card Industry Data Security Standard (PCI DSS) was drawn up in order to reduce leakage and inappropriate use of plastic card information. Today, the requirements set out in PCI DSS apply to all companies that process, store, or transfer data about cardholders: banks, processing centers, service providers, retail stores, e-commerce businesses, etc.