Merchants need to comply with the Payment Card Industry Data Security Standard (PCI DSS) or risk substantial fines and fees associated with non-compliance. First Data compiled information on what you need to do when reviewing data security practices to ensure your card acceptance system complies with PCI DSS.
Understanding What’s at Risk
Businesses not in compliance with the Payment Card Industry Data Security Standard (PCI DSS) risk substantial fines for data compromise and security breaches, as well as fees associated with non-compliance. Fines can exceed $1 million ($500,000 per association, per incident). In addition, merchants can be liable for the reimbursement of fraud losses and costs of reissuing cards—which could add up to millions of dollars.