Internet retailers will have to improve their security and data handling processes in order to comply with new requirements published by the credit card industry. The new rules, from Visa and MasterCard, take effect on 30th June 2005.
The Payment Card Industry Data Security Standard – the result of a collaboration between Visa and MasterCard – has the support of other card companies, including American Express, Discover and Diners Club, and represents a concerted effort to tackle identity theft and on-line fraud.
It sets out procedures for handling cardholder information in a secure manner, and requires that merchants carry out a quarterly compliance check. All merchants are covered by the standard, although only those carrying out more than 20,000 transactions per year will be obliged to have their compliance verified.
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