The security rules mandated by the credit card industry to protect a customer’s identity are referred to as “PCI Compliance.”
How important is PCI compliance and how it’s implemented? Here is a real life example:
A Chicago restaurant, processing credit cards through Integrity Payment Systems, had their system hacked.
The restaurant had validated their compliance with Integrity and had done everything right – except their POS software provider who had access to their system for support reasons failed to use unique login when accessing their system remotely.
It seemed harmless, but it wasn’t.
That POS software company also used the same login for remote support with hundreds of other merchants. Someone eventually discovered that login and that led the bad guys to gain access to the restaurant’s system.
The identity thieves were able to retrieve the credit card information for over 60 customers.
The potential fines that were facing the restaurant from the card networks were over $70,000.
But, because of the quick response from Integrity Payment Systems working with the restaurant to address their breach, most of the fines were waived and the restaurant only had to pay minimal costs to the card networks to cover their time and communication expenses. Integrity was able to help in cutting the cost of loss down to only 11% of what the restaurant was expecting to pay.
As you can imagine, they were thrilled with the help they got from Integrity.
The moral of the story is that PCI compliance is critical, but there are no silver bullets. The identity thieves are smart and bad things can happen. And when they do, you need someone on your side who knows what they are doing, and who knows the importance of acting quickly.
Someone like Integrity Payment Systems.