What is PCI Compliance, and why do we need it?

The Payment Card Industry Data Security Standard (PCI DSS) applies to companies of any size that accept credit card payments. If your company intends to accept card payment, and store, process and transmit cardholder data, you need to host your data securely with a PCI compliant hosting provider.

Why do we need the emv chip?

First, it’s important to know what “EMV” is. EMV stands for Europay, Mastercard, Visa. It is used as a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. Behind numerous large-scale data breaches and increasing rates of counterfeit card fraud U.S. card issuers have migrated to this new technology to protect consumers and reduce the risks of fraud.

For merchants and financial institutions, the switch to EMV means adding new in-store technology and internal processing systems, and complying with new liability rules. For consumers, it means learning a new payment processes.

Second, unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again. If a hacker stole the chip information from one specific point of sale, typical card duplication would never work, because the stolen transaction number created in that instance wouldn’t be usable again and the card would just get denied.

EMV technology will not prevent data breaches from occurring, but it will make it much harder for criminals to successfully profit from what they steal.


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