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PCI Compliance Checklist

It’s more important than ever to ensure sensitive information is protected when conducting electronic transactions. The PCI DSS (Payment Card Industry Data Security Standard) is a set of security standards created by major credit card companies to help protect against credit card fraud and other security breaches. Adhering to PCI compliance standards helps ensure your business is taking the necessary steps to protect customer data and avoid costly security breaches.
Whether you’re a business owner, or simply interested in learning about data security, it’s important to be aware of PCI compliance and how you can protect your business and customers. Bookmark and refer back to this checklist so you can always have it handy.

How To Dispute Payments

For business owners, receiving payments is the most important part of operations. However, it’s inevitable that, at some point, a payment dispute may come up. Whether it’s a chargeback or a refund request, these situations can be stressful and time-consuming. It’s crucial for business owners to understand how to handle payment disputes effectively to protect their business and reputation. Being aware of best practices on how to handle payment disputes is a good start in minimizing the risk of disputes occurring in the first place.

How to Prevent Online Payment Fraud

Online payment fraud has become an increasingly prevalent threat to individuals and businesses alike. North America being the largest target that’s expected to account for over 42% of global online payment frauds this year. Scammers are now using various types of online payment fraud tactics to try and steal from consumers and businesses.
Luckily, there are some tips and tools that you can use to safeguard your personal and financial information. From password management to two-factor authentication, it’s important to have the knowledge and resources needed to stay ahead of cybercriminals. The ecommerce fraud detection and prevention market continues to grow and is said to reach $69 billion by 2025.

Digital Payment Security

Digital payments are a quick, secure, and easy way to purchase products or services, both online and in-store. To drive further adoption of digital payment cards, building consumer trust in digital payment security is paramount. Concerns about fraud and security techniques remain strong as there’s still a need for reassurance. How? By simply educating consumers on the various technologies that are securing digital payments. In doing so, banks and merchants can encourage more customers to benefit from the convenience of a complete digital payment experience.

PCI Compliance Standard

Data breaches are the enemy of the payments industry, but luckily the PCI compliance standard is in place to help. The PCI DSS (Payment Card Industry Data Security Standards) is a set of rules set by the PCI Security Standards Council to lessen the chances of data breaches.

The council is comprised of Visa, MasterCard, Discover, American Express, and JCB International, who share the goal of making payment processing safer for all involved. These are regulations that all merchants must stay compliant with in order to accept credit cards. Choosing not to stay PCI compliant is bad news for you and bad news for your business.

Calculating the True Cost of Chargebacks

An unfortunate reality of doing business today is chargebacks. There are two types of fraud – true and friendly fraud. With the former, a bad actor has obtained sensitive card data of which they are not the owner and uses that information to make a purchase (aka identity theft). In the case of friendly fraud, a less malicious form of chargeback, a request for chargeback happens largely due to customer confusion. The customer may have made a purchase and then forgot, may not recognize a charge made by another family member, or perhaps simply misunderstood a return policy.