It is really not surprising to find that many people now who hardly take any cash with them. For them, purchases are now paid either through debit or credit cards. Many go for these type of transaction resulting from a few individual reasons. It is actually less bulky, you don’t have to carry change and you can actually look back on your expenditure for record and accounting purposes. For lots of people, they genuinely feel safer not having to lug money around. All this is possible because the numbers of merchants accepting debit and credit card transactions is actually growing.
Now, looking again at safety, lots of people actually feel safer if they have less money in their wallets, of course, given they have got enough in their bank accounts, then they can use their debit and credit cards. Regrettably, using debit and credit cards opens us up as well, to a much more modern means of losing money: online/over the phone fraud.
Hackers get better every day. That is the truth. The challenge of safeguarding data available on site or online has become tougher and tougher . It’s a constant battle between the good and the bad. Hackers exert intense efforts in searching for the weaknesses. During the process of paying for your groceries, your coffee or your petrol, an unprotected merchant is most often than not the weakest link.
This really is exactly why Payment Card Industry Data Security Standards (PCI DSS) came to be. The target is to protect both the consumer as well as the merchant facilitating the card payment transactions. From a simple payment receipt left lying on a table to something as complicated as the encryption of data being transferred wirelessly, PCI DSS does its best to cover all bases, to ensure our data is protected at all times.
For the merchant, you definitely need to be PCI DSS compliant. Implications can certainly be unimaginable if you as a a merchant do not consider this very seriously. Regardless of whether you are simply charging a £2 turkey sandwich or a £1000 computer, your consumer can actually become a victim and lose anything he has on their debit or credit card. If that is in the millions, then your company can be an unknowing participant in the million-pound fraud that is card fraud. No business owner should ever like to be caught up in such fraud. But, yes, unfortunately this is possible if your business is not PCI DSS compliant. If you take payments by card, online or off line then you have an obligation to be compliant. Otherwise, you face the prospect of large fines AND the loss of your merchant facility, enough to put a small business out of business.