Major credit card companies ensure the security of credit card transactions through payment card industry (PCI) compliance mandates. Payment card industry compliance refers to all of the technical and operational standards that businesses must uphold to secure and protect cardholders’ credit card data during payment processing transactions.
PCI Compliance 101
The Federal Trade Commission (FTC) is responsible for overseeing credit card processing and the need for consumer protections and oversight. PCI compliance is mandated by credit card companies and is key to creating a secure environment for payment transactions and customer data. PCI compliance standards are established by the PCI Standards Council. Compliance standards apply to merchant processing, encrypted online transactions, the Card Association Network and the National Automated Clearing House Association (NACHA).
Sensitive data faces constant vulnerability from hackers. Creating a secure environment with strong encryption and data security measures is one of the best ways to safeguard sensitive cardholder data. Many financial services are shifting to a digital landscape, such as the trend of neo-banks. Tangerine is a fully digital Canadian bank that offers all financial products and services exclusively online. It’s a member of the Canada Deposit Insurance Corporation (CDIC) and works like any other bank account.
The personal finance site Wealth Rocket offers an in-depth overview of this favorite digital bank for many Canadians. The no-fee daily chequing account is free to use and has no minimum balance requirements. The digital bank offers several registered and nonregistered savings account options. There are two Tangerine credit card options: the Tangerine Mastercard money-back credit card and the World Elite Card. Both have no annual fees, offer cashback features and feature reasonable interest rates. The digital bank also offers low-risk investing options, including mutual funds and guaranteed investment certificates (GICs).
PCI Compliance Requirements
Merchants and businesses must securely handle credit card information to reduce the chances of cardholders’ payment card information being stolen. Failing to handle payment card information according to compliance standards increases vulnerability to theft and identity fraud. Being PCI compliant requires strict adherence to the guidelines established by the PCI Standards Council. These compliance requirements are called the Payment Card Industry Data Security Standards (PCI DSS).
There are 12 key requirements, 78 base requirements and more than 400 test procedures that are considered security best practices. Contact centers and cloud contact center software are subject to PCI DSS. Call center agents interact with callers using call center software that records sensitive information. Bright Pattern offers innovative call center solutions that empower call centers of all sizes to deliver exceptional customer experience. The certified provider of contact center software can help establish and maintain any contact center’s PCI compliance.
A PCI compliant call center is required to install and maintain a firewall configuration to protect cardholder data. Call centers shouldn’t use vendor-supplied defaults for system passwords and other security parameters. Stored cardholder data must be protected, and encryption of the transmission of cardholder data across open, public networks is mandatory. All systems should be protected against malware and updated with anti-virus software. A compliant call center develops and maintains secure systems and applications.
Access to cardholder data should be restricted, and access to system components should be identified and authenticated. Physical access to cardholder data should also be restricted, and it’s important to track and monitor access to network resources and customer data. A compliant call center should regularly test security systems and processes and maintain a policy addressing information security.
Benefits of CPI Compliance
Merchants and businesses are required to provide regular compliance reports. Regularly monitoring, assessing and auditing Payment Card Industry Data Security Standards are all best practices for any security department. Any company that processes credit card information is required to maintain compliance per their credit card processing agreements. Failure to maintain PCI compliance results in hefty fines for agreement violations and negligence.
Compliance reduces the risk of data breaches, safeguards cardholder data and reduces the chances of identity theft. Information security is of the utmost importance. The key to outstanding customer service and customer confidence is reducing or eliminating risky situations.