Definition
“PCI” stands for “Payment Card Industry,” and “DSS” stands for “Data Security Standard.” PCI DSS is a set of security requirements for businesses involved in the payment process, including the acceptance, transfer, or storage of card-related information.
Payment Card Industry Data Security Standard (PCI DSS)
The Payment Card Industry Data Security Standard (PCI DSS) defines a set of security protocols put in place to ensure that all businesses accepting, processing, storing, or transmitting card information operate in a safe and secure environment.
The Payment Card Industry Security Standards Council (PCI SSC) began making changes to the PCI security protocols on September 7, 2006, with the aim of continually improving the security of payment transaction processes. The PCI SSC, composed of major card networks (Visa, MasterCard, American Express, Discover, and JCB), manages the Payment Card Industry Data Security Standard (PCI DSS).
Who does PCI DSS apply to?
PCI DSS applies to any business, regardless of its location, size, or number of transactions it processes. If the business is involved in the payment process by accepting, transferring, or storing card information, these rules apply. Non-compliance with PCI DSS can result in fines or even the loss of card acceptance authorization for your business.
Is PCI compliance required for debit card transactions?
Yes. All credit, debit, and prepaid bank cards bearing the brands of the five card networks, namely Visa, MasterCard, American Express, Discover, and JCB, must comply with the PCI standard.