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All About PCI Regulations

The sad fact of modern life is that identity theft is a major crime that�s growing exponentially. The FTC estimates that approximately 9 million Americans have their identity stolen each year, a crime amounting to $45 billion. That means a lot of bad guys are out there looking to make your or your customers� lives a mess.

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For that reason, PCI regulations were put in place to prohibit credit card number viewing capabilities. As a store owner, rest assured that your Volusion store is PCI compliant, but still it�s beneficial to know what it is and why it�s important.

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What Is PCI / CISP?

The Payment Card Industry (PCI) is a joint creation of Visa, MasterCard, Discover and American Express. They created the PCI Data Security Standard (PCI DSS), with the overall goal of protecting credit card data everywhere.

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The Cardholder Information Security Program (CISP) was initiated and mandated by Visa in June 2001. In 2004, these requirements were incorporated into the PCI DSS to establish industry-wide standards for card security. These standards must be followed by both merchants like you and providers like us.

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Why Is This Important?

PCI compliance is critical for anyone doing business online. For the merchant, the penalties of using a non-PCI compliant provider can include:

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  • $500,000 in fines (per incident)

  • Complete loss of ability to process card transactions

  • Class-action lawsuits

  • $10,000 in monthly fines

  • Major public relations crises

These are not issues you want to deal with. And, with Volusion powering and protecting your store, you won�t ever have to.�

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Summary

With Volusion backing your business, you can breathe a sigh of relief that your store is PCI compliant. We take security seriously to help ensure that it�s safe for customers to shop your site. Because, right up there with the pain of having your credit card info compromised, is that of losing customer loyalty and trust.

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Sources: Visa Cardholder Information Security Program, Federal Trade Commission, Washington Post, Javelin Strategy and Research

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