As you know, credit and debit card security is becoming a more important topic every day, for consumers and the companies serving us. It is common these days to hear multiple stories every month about data theft and unauthorized use of payment card information. Moreover, those are just the stories that make the news.
Organizations in the U.S. and globally, are (or should be) seeking ways to ensure the safe handling of cardholder information. However, this certainly is not easy nor is it inexpensive.
How and where can companies start their compliance efforts? The Payment Card Industry Data Security Standard (PCI DSS) provides an actionable framework for developing a credit card data security process – including prevention, detection and appropriate reaction to security incidents.
While the PCI DSS standards are supported an applauded worldwide for handling cardholder information, the fact remains that only about one out of ten organizations are fully compliant with the latest PCI standards. The vast majority of organizations are still not sufficiently mature in their ability to implement and maintain a quality, sustainable PCI security compliance program, and they continue to struggle to provide the required compliance evidence.
More importantly, these organizations remain vulnerable to payment card theft and fraud – and their customers, stakeholders and shareholders ultimately pay the price for this unfortunate and unlawful activity.
This PCI Compliance Study commissioned by Verizon, highlights the massive global credit card fraud losses that are mounting every day, and the important role that PCI DSS compliance solutions can play in helping to reduce this problem. The study has five key recommendations for companies:
- Don’t underestimate the effort involved in PCI compliance
- Make compliance sustainable
- Think of compliance in a wider context
- Leverage compliance as an opportunity
- Focus on scoping
Certainly, PCI compliance is important to companies and consumers. Yet it’s important to remember that being PCI-DSS compliant doesn’t protect from situations where contact center agents may be stealing and selling consumers’ credit card information. How can companies address these serious issues and help to prevent fraud from happening in the first place? West, powered by Eckoh and their industry-leading compliance solutions, can help organizations make significant strides toward PCI compliance, reduce their exposure to credit card fraud in contact centers, and in turn, protect their customers and consumers.
Have a fantastic and secure week!
If you would like to learn more, please contact Dan Arntz at email@example.com.