We live in a world where online technology is a big part of everyone’s business. Almost everyone has at least one smart device they use to go online and access a vast array of sites and webpages to stay connected with others, be entertained, and even do their shopping. Since many people do their shopping online and use virtual apps to pay for goods, the payment card industry has developed greatly.
Using card payments does not stop with just online services and products; Credit cards can be used in shops and local stores to save cardholders from having to carry around cash. In order for the card payment industry to survive and stay as safe and efficient as it is aimed to be, rules governing card usage are necessary. Are you complying with those rules? Read on to find out.
Understanding Payment Card Industry (PCI) Standards
In order to find out if you are complying with the payment card industry standards, you must first familiarize yourself with the concept of PCI and its inner workings. The credit card industry is mandated by PCI standards to ensure the safety and security of regular transactions made by individuals and entities alike. This set of standards monitors the technical and operational aspects carried out by credit card companies and service providers who allow people to pay with their cards rather than paying with cash.
PCI Compliance Requirements
The only way to find out if you are complying with the PCI standards is by understanding what the requirements are and how you can effectively follow them. There are several requirements set by the Payment Card Industry (PCI) authorities in order to regulate the work of credit card companies and to keep everyone’s money safe. Here are some of the most important regulations you should pay attention to if you have a credit card payment option in your shop or on your website.
● Installation of a Firewall
One of the first things any online vendor or service provider needs to comply with is the security of their network. Installing a firewall is a must; the configuration of the firewall can restrict any unwanted traffic that may disrupt transactions and lead to financial risks. When installing a firewall for your service or shop, make sure it is properly configured and effective so that you are fully protected from cyberattacks that could breach the security protocols required by the PCIs.
● Data Protection
When customers pay using their credit cards, they often have to share sensitive personal details with the vendor or service provider. It is the vendor or service provider’s job to ensure all data shared with them stay safe so their customer’s identities and financial details are not leaked and misused for cybercrime or financial fraud. This is what makes data protection one of the most pivotal compliance requirements set by PCI authorities.
● Regular Updates of Antivirus Software
Installing anti-viral software on your service website or data collecting machines used for credit card transactions is great, but the installation alone only partially complies with PCI standards. To fully comply with the system standards, make sure you regularly update your antivirus software systems to ensure they are still effective and up to date with any changes or advances in technology. By making sure your software is updated, you can rest assured that any new malware will be detected.
Some updates also offer new features in the program, which make it easier for users to discriminate between false alarms and actual attacks. This protects customers, as well as employees, of service providers from malware problems and viral risks to their smart devices, while also allowing them the capacity to personalize their anti-virus software system the way they see fit so they can minimize being notified for a false alarm.
The use of a credit card to purchase goods and services is extremely common in today’s society as this payment method is both easy and convenient. No one likes to carry around too much cash, while the pandemic has also made credit card payments a much safer alternative to paying in cash. As the popularity of credit card payments increased over time, there had to be certain rules and regulations in place to govern such transactions and ensure everyone’s safety.
PCI standards ensure credit card companies and service providers are safely accepting money from users while protecting their valuable data. In order to ensure you are complying with the PCI standards, try to do some research and check your system and software programs so you can confirm everything is running smoothly and properly.