- Published: Monday, 27 March 2017 14:27
- Written by Super User
Why PCI Compliance Exists
You may have been assessed a $30 monthly penalty for failing to maintain a PCI Compliance Certificate with your credit card processor. That $30 does not go to your processor but rather to the acquiring banks who assess the fine to your processor, such as Chosen Payments who then passes it on to you, the merchant.
In 2006, an independent body was created by Amex, Visa, MasterCard, Discover and JCB to effectively try and reduce credit card fraud caused by the poor handling of credit card information by merchants and their employees. On a grand scale, think of Target and its data breach of nearly 40 million credit card numbers from their internal computer servers. This should paint a pretty big picture of why the need for PCI compliance exists.