January 4, 2023

PCI DSS & CAMSPay– Being Our Best Compliant Self

Long gone are the days when security and compliance were just written in the document and not practiced widely. Nowadays, fintech companies have put Compliance and Security at the front. Any non-adherence to the standards might lead to repercussions. Thus the need for PCI DSS arose.

The Payment Card Industry Data Security Standard (PCI DSS) was formed in 2004 by Visa, Mastercard, Discover Financial Services, JCB International, and American Express. It aims to protect credit and debit card transactions from fraud and theft.

PCI DSS is an ultimate requirement for companies that process debit or credit card transactions even though it doesn’t compel compliance.

Who should follow PCI DSS?

Any entity that preserves, processes, or transfers cardholder data must be compliant with the PCI DSS. They must also comply with other applicable PCI standards.

To be brief, PCI standards apply to the entities that accept or process the payment transaction, software developers, and manufacturers of applications and devices used in the transactions.

Who should take charge of Compliance?

It is the responsibility of payment brands and acquiring banks to be compliant and secure. Every payment brand has its own respective scheme rules and process for maintaining the security of cardholders’ data. Acquiring banks will respectively adopt and implement.

They will establish their own set of rules that their customers should undertake for implementing, adopting, and complying with the range of PCI Standards.

Benefits of being compliant and secured with PCI DSS:

• Ensuring trust among customers: Being compliant with the standards set will foster and build trust among customers which will, in turn, benefit companies

• Prevention of Data Breaches: Any roadblock leading to a data outbreak will be outrightly eradicated with adherence to the PCI DSS standards

• Help companies reach Global Standards: PCI DSS is a globally recognized organization. Being compliant with the standards will help companies be globally recognized among other international retailers and businesses that are determined to data security and protect customers.

• Placing Data Security at the Forefront: PCI DSS requires companies to have multiple layers of security through properly configured firewalls. As a result, the companies are required to develop an overall IT Security Strategy that is based on current threats and monitors your network for unpatched holes or lapsed updates.

• Creates a baseline for other regulations: If your company is PCI DSS certified, you have taken efforts to preserve sensitive customer data which in turn creates a baseline for other regulations.

CAMSPay and our adherence to compliance and security:

We believe that both compliance and security are equal. Similarly, we take utmost caution and attention towards storing customer data securely. We are a PCI DSS certified Company and our vision is to follow the guidelines and go by the book.

This is because we consider the camaraderie of our clients essential and make sure to secure customer information. Know more about CAMSPay by clicking here.

Compliance and Security – Always the right way!

While building cus­­tomer-centric products are important, companies should build trust among customers. The leakage of any customer-sensitive data will lead to an unprecedented situation that might disrupt the efficacy of companies. Hence, companies strive hard to adhere to the compliance and security standards set. Moreover, they must have zero tolerance for any consequences resulting from them.

Compliance and Security are the way ahead. It plays a pivotal role in building stability for companies in the long run.

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