The Payment Card Industry (PCI) has issued a set of standards for which all organizations that store, process or transmit credit card data must comply. These new standards are called Payment Card Industry Data Security Standards (PCI DSS). These standards bring additional responsibilities concerning the acceptance of payment cards. Without compliance, the card industry may revoke merchant numbers or fine the university.

Compromised data negatively affects consumers, merchants and financial institutions. Just one incident can severely damage your reputation and ability to conduct business effectively. Follow PCI DSS standards to avoid consequences such as:

• National news headlines.
• Lawsuits.
• Insurance claims.
• Cancelled accounts.
• Payment card issuer fines.
• Government fines.

To determine merchant level and validation requirements, visit the MasterCard or Visa websites or contact your acquiring bank. For more information, visit the following websites:

• PCI Security Standards
• Why is Compliance with PCI DSS Important
• Dissecting the payment industry and PCI DSS (To view this video through LinkedIn Learning, you will need to authenticate once with your university credentials.)
• MasterCard
• Visa