New Credit Card Security Standards Coming This Fall
August 17, 2010
By: Joe Taylor Jr.
Tech experts in the banking sector can expect a busy winter after a new version
of the financial industry's security standards become public this fall. Version
2.0 of the Payment Card Industry Data Security Standard will regulate how banks,
hospitals, retailers, and any other business that processes credit and debit
card transactions must handle sensitive customer information.
Most credit card payment processors require both banks and merchants to maintain compliance with the version 1.2 of the standard. Experts predict that version 2.0 will include an even broader scope of security that may require merchants to take a closer look at how they handle customer payments.
For example, the current PCI DSS sets ground rules for securing a customer's payment details from a website or at a checkout counter. However, it does not address issues that arise when well-intentioned employees copy credit card numbers into a spreadsheet. The new PCI standards also incorporate guidelines for handling credit card data on computers capable of handling multiple, virtualized desktops.
Most credit card payment processors require both banks and merchants to maintain compliance with the version 1.2 of the standard. Experts predict that version 2.0 will include an even broader scope of security that may require merchants to take a closer look at how they handle customer payments.
For example, the current PCI DSS sets ground rules for securing a customer's payment details from a website or at a checkout counter. However, it does not address issues that arise when well-intentioned employees copy credit card numbers into a spreadsheet. The new PCI standards also incorporate guidelines for handling credit card data on computers capable of handling multiple, virtualized desktops.
Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.
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