The Importance of PCI Compliance

Thursday, January 21st, 2010

According to the Privacy Rights Clearinghouse, more than 343 million records with sensitive personal information have been involved in security breaches in the U.S. since January of 2005. And some statistics even claim that more than 55 percent of credit card fraud comes from the hospitality industry!* Wow. Those are some scary stats.

Today, when financial transactions are regularly conducted in an online environment, merchants can become easy targets for fraud. In many cases, it’s inadequate security on the business’s end that allows hackers to steal and use financial data from credit and debit card transactions and credit card processing systems.

With the prevalence of this type of activity, companies are scrambling to put the appropriate measures in place to protect their customers and themselves. Compliance with the Payment Card Industry (PCI) Data Security Standard (DSS) helps to eliminate a merchant’s vulnerabilities and protect important consumer data. Those companies that fail to fulfill the PCI compliance requirements and put the proper levels of protection in place can face massive fines, increased credit card processing fees, the inability to accept payment cards at all, and ultimately, closure – all devastating consequences.

Many of our customers, from hotels to restaurants, and caterers to convention centers, routinely gather, process and store sensitive customer financial data. Whether it’s using a consumer’s credit card to secure a deposit for an event, book a reservation, or simply pay an invoice, our customers are responsible for making sure that the financial data their guests share remains secure.  

As their business partner, we are committed to providing them with the tools they need to become, and remain, PCI compliant. We understand the risks and the long lasting effects of non-compliance and we are not willing to take any chances.

 *The PCI Compliance Process for Hotels, American Hotel & Lodging Association