MasterCard lifts the lid on PCI DSS fines
In a new spirit of openness, MasterCard has become the first card brand to publish its levels of PCI DSS fines and their related requirements.
Fines now escalate over the course of a financial year and can really start to add up, if PCI DSS compliance is not addressed satisfactorily. Fines for non-compliance can reach six figures and there’s also the collateral cost of brand damage to take into account. Moreover, MasterCard holds the ultimate trump card of withdrawing merchant services for persistent offenders which could result in a significant loss of business - check out this article:
http://www.storefrontbacktalk.com/securityfraud/mastercard-becomes-the-first-card-brand-to-publish-pci-fines/
It will be interesting to see how effectively these fines are enforced over the course of the next twelve months. We think that those companies who have yet to do so, should address PCI DSS compliance now before they kick in.
If you take card payments over the phone, Veritape offers a proven PCI DSS compliant call recording solution - find out more at www.veritape.com.