Finding the right combination of tools to automatically screen fraud is essential to a good fraud prevention strategy. Learn more here.
As its name suggests, the Card Industry Security Standards Council establishes security standards for the card industry. The standards for the PCI DSS were developed and published by this council which is formed by all leading credit card businesses such as MasterCard, Visa, American Express and JCB. These standards apply to all participating partners in the payment process.
The PCI standards have a central role in fraud prevention as they hold all organizations responsible and ensure a strong encryption of sensitive payment data. This is elaborated through six major objectives.
Furthermore, the provision of non-compliance fines, ranging from $5,000 to $500,000, reinforces the obligation to adhere to these standards.
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