I know, I know, I’m starting to sound like a broken record. If you read this blog regularly you constantly hear me harping on and on about the complacency exhibited by your typical small business. The PCI DSS (payment card industry data security standard) has been around coming up on five years now. It is impossible not know about the rising incidence of identity theft and other types of electronic fraud that effect people around the world. Making sure your business meets the standards of the PCI DSS and maintaining your business’s PCI compliance is your duty, and your contribution to the integrity of the electronic payments systems as a whole.
Some industry observers suggest that, as a group, merchants are dragging their heels to ramp up their data security because consumers are also complacent in the safety of their personal data. Both consumers and merchants feel that the current inherent security measures that are in place are enough to protect them from identity theft, loss of personal data, or other electronic fraud. The fact is that last year almost 5% of adults living in the United States experienced some sort of fraud related to identity theft, according the 2011 Identity Fraud Report from Javelin.
The report also found an average loss per incident of $240 for consumers victimized by fraud. In cases where a consumer debit card was attacked, the average loss was $141. However, in cases where a consumer credit card account was attacked, the average loss was $306. While many criminal attacks on consumer credit or debit cards are certainly due to the negligence of the consumers themselves, a large portion of the blame rests squarely on the shoulders of financial institutions and merchants that seemingly refuse to believe that data security is as important as physical security for business.
If your business isn’t PCI compliant, you are not only putting yourself at increased risk, you are dragging your customers along with you. Visit our home page to find out how your business can be PCI compliant today. And best of all it is free.