PCI Data Security Standards Present Compliance Challenges

Despite the June, 2006 deadline for credit card merchants to comply with the PCI Data Security Standards imposed by VISA and Master Card, more than half of all credit card merchants have not initiated the necessary changes to their credit card process, according to a recent study. These standards provide security safeguards to protect cardholders' personal information and thus reduce the risk of identity theft losses to cardholders, merchants and the acquiring banks. Most of the merchants that have failed to implement the necessary changes are smaller merchants who do not have the time and financial resources necessary to comply. Many reported that it took up to two years to implement the changes. Considering that a failure to comply would result in hefty fines, merchants need to reprioritize this obligation. Ecommerce Times article