Feeds

Credit card firms push cybersecurity

Countdown

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Large online merchants will have to abide to a new, stricter set of standards from credit card firms after June 30.

The stricter guideline from MasterCard, Visa, American Express and other major credit card companies are designed to improve the security practices of online merchants and guard against fraud. Merchants that fall foul of the Payment Card Industry (PCI) Data Security Standard could face fines. In extreme cases, the ability to process future credit card transactions may be withdrawn, restricting the ability of these firms to trade.

After 30 June, firms processing more than 20,000 Visa transactions a year will have to perform an annual self-assessment and quarterly network scan, for example. A list of the requirements can be found here.

Andrew Goodwill, managing director of online fraud prevention scheme Early Warning, said that although the scheme only applied to larger retailers it was only a matter of time before everyone had to comply.

“Early warning applauds any new security measures to secure online transactions, we believe this could be the thin edge of the wedge and that all companies how ever small trading in a customer not present environment will have to at sometime comply,” Goodwill told El Reg

Goodwill criticised credit card firms for not providing financial help to retailers implementing the new rules. “I don`t see in this new scheme any financial help to implement these new rules coming from the credit card companies. It is after all, them that will benefit not the merchant,” he said. ®

Related stories

Site aims to quash auction fraud
UK card fraud hits £505m
Smart credit card scheme kicks off in the UK

Boost IT visibility and business value

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.