Have you ever had your credit card number stolen? 💳 It can be a real a headache for the cardholder 😡 and a major liability for merchants, as well as credit card companies who lose thousands of dollars covering victims. 💰💰💰
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. 👿
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.
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.
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.
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:
- $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
Ouch! 😬 These are not issues you want to deal with. And, with Volusion powering and protecting your store, you won’t ever have to.
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.
Sources: Visa Cardholder Information Security Program, Federal Trade Commission, Washington Post, Javelin Strategy and Research