Who Regulates The Credit Card Processing Centers

The credit card processing centers are regulated by the Payment Card Industry Data Security Standard (PCI DSS) to protect the well-being of the cardholders. Although a 100 percent guarantee is not always possible, but this has forced companies to practice highest possible security measures.

It is not unknown to everybody that online hackers proliferate; therefore, the use of credit cards puts every person at risk. To address this concern, a regulating body has been created to protect the welfare of the clients, which serves several functions for optimum security.

Payment Card Industry Data Security Standard (PCI DSS)

With the increasing incidence of fraudulent activities involving credit cards, a security standard was created by the Payment Card Industry Security Standards Council (PCI SSC). This is to help companies who are into credit card processing protect their clients against hackers. All organizations are assessed annually by an independent Qualified Security Assessor to ensure that they are complaint to the required standards. If found to be non-compliant, they will have either of the following sanctions: fined, undergo audit, or can’t process credit card payments for good.

Functions of the regulating body

Maintains a secure network

As the regulator of credit card, all transactions are screened, so that the clients’ accounts are safe from e-hackers. They provide software where unauthorized transactions are effectively filtered. They require the processing companies to install a firewall configuration, so that the clients’ pertinent data are well-protected.

Implements strict control measures

To make sure that transactions are effectively carried out, they allowed online transactions for the convenience of the customers. They also see to it that accounts are only accessed by the processors and the merchants through the provision of wireless connections. However, despite their ability to access cardholder’s data, the council has imposed certain restrictions such as physical access. This is made possible by assigning individual ID to all those who can access the computer, so that it would be easier to trace in case manipulation of data have been made.

Requires vulnerability management program

All processors are obliged to have anti-virus software that has to be regularly updated to maintain secured system and applications.

Ensures confidentiality

Encryption of sensitive data is the main safety measure to guard clients from illegitimate purchases. With this, they are able to maintain the highest standard required as a regulator as well as get the trust and confidence of the clients. They also require the card processors to guard clients’ personal info that are stored in their database.

Assesses payment gateway’s reliability

Before a processor will be allowed to operate, it has to be tested first to ensure that it has met the standards set by the regulating company. Their operations as well as security systems will be regularly monitored.

How reliable is the Payment Card Industry Data Security Standard (PCI DSS)

There have been controversies involving the standards since many IT professionals believe that despite the strict security measures, a great tendency of being vulnerable is still possible. In the presence of IT geniuses, this still pose a threat to clients even if companies are complaint. The good thing about this security standard; although this may not be guaranteed secured, processing companies took this seriously for the benefit of the cardholders.

Although the use of credit cards may not always guarantee safe transactions, the best thing to do is to become a responsible cardholder. The initiative must start from within by practicing caution every time you make a purchase.

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