Electronic payment systems create an ecosystem — the actions of one participant have an impact on all. This has been seen repeatedly when a single organization fails to protect consumers’ payment data, resulting in increased costs for all retailers and banks. Each time there is a breach, such as the one impacting TJX, all card issuers must increase their reserves against anticipated fraud losses. The Payment Card Industry Data Security Standard means to improve the overall health of the payments ecosystem by ensuring individual participants behave responsibly.
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PCI Compliance and the Health of the Electronic Payments Ecosystem
Posted by: Joe Sturonas and Jeff Cherrington August 31, 2007 04:00 AMElectronic payment systems create an ecosystem — the actions of one participant have an impact on all. This has been seen repeatedly when a single organization fails to protect consumers’ payment data, resulting in increased costs for all retailers and banks. Each time there is a breach, such as the one impacting TJX, all card issuers must increase their reserves against anticipated fraud losses. The Payment Card Industry Data Security Standard means to improve the overall health of the payments ecosystem by ensuring individual participants behave responsibly.