DATA BREACHES CAN BE CATASTROPHIC.
Payment security is paramount for every merchant, financial institution or other entity that stores, processes or transmits cardholder data.
We’ve done the work for you so you don’t have to wonder or worry. WashCard is not only compliant with PCI, but also validated for card payments.
THE PREVALENCE AND COST OF FRAUD
Credit card fraud today seems about as common as McDonald’s locations. Whether it’s a personal credit card, or another company whose information has been hacked. It’s no secret that it happens and consumers and companies alike pay a lot of money to protect themselves from such occurrences, rightfully so.
In 2016, credit card fraud losses topped $24.71 BILLION worldwide. Billions of dollars were lost in fraud alone! With projections to hit $32 billion in 2019. With 7.6 billion people in the world, that may not seem like a big number, but consider 47% of that to be from the United States alone.
WHAT IS PCI VALIDATION?
Don’t let another company fool you with saying they are PCI Compliant. Validation is the real key when it comes to credit card safety. The PCI SCC has a full validation process companies must take in order to become validated. The PCI PA-DSS Validation is intended to ensure that the Payment Application will help achieve and maintain PCI DSS Compliance with respect to how the Payment Application handles user accounts, passwords, encryption, and other payment data-related information.
In other words, validation ensures your data is safe when it comes to user names, credit card information, and personal details about your customers.
- Lost confidence, so customers go to other merchants
- Diminished sales
- Cost of reissuing new payment cards
- Fraud losses
- Higher subsequent costs of compliance
- Legal costs, settlements and judgments
- Fines and penalties
- Termination of ability to accept payment cards
- Lost jobs (CISO, CIO, CEO and dependent professional positions)
- Going out of business
WHAT IS PCI COMPLIANCE?
The Payment Card Industry Data Security Standard (PCI DSS) applies to companies of any size that accept credit card payments. If a company intends to accept card payment, and store, process and transmit cardholder data, they need to host your data securely with a PCI compliant hosting provider.
WHY DOES IT MATTER TO YOU?
Do you plan on accepting credit card payments? Then this is a huge deal. Without PCI Validation and regulations, your customer data is at risk of being stolen. The last thing you should worry about as a business owner, is whether or not your customers’ data is safe. With WashCard, you have no worries or concerns.
“Never thought this could happen to me”
We found out the hacking had been going on for about a month. Of course we immediately shut down our existing credit card system, but it was too late. Over the next several months, we learned just how much this breach had affected our business, our local communities, and our personal lives.
It not only affected our pocket books in a catastrophic way, but even more traumatic was the emotional nightmare of facing down a community that no longer trusted you. In a small town of 5000, everyone knows your name and everyone knew that our wash was ground zero for their credit card troubles. It was a shock to me and my customers.
I never thought that this could happen to me. Who would attack a car wash, in a small town in the heart of the USA? Why? Everyone point blank blamed our wash… blamed us. The story was featured on the local TV stations and the newspaper followed up with an article and pictures. The entire town was abuzz with the news about ëa local car washí and all the account information that was stolen. It didnít help that some of the accounts compromised were prominent figures that lived in the area. For months, there was a boycott of my wash. We are the only touchless car wash for miles, but that didnít prevent folks from driving 20-30 miles east or west.
A month and a half after the break in, I was at a local meeting. I learned from one of our local bankers that his bank had taken losses because of the incident. Two months later, another banker said 4 more banks, including his had seen the same problem. We will probably never know the total dollar amount this breach has cost, but we have constant reminders of who it has affected.
We called in an expert to help us become safe and PCI compliant, he said the only way to move forward was to find a whole new system. Our system was only three and a half years old, and was only slightly less expensive than a system from WashCard, but in the end, cost us so much more. This time around, price could not and would not be the deciding factor. We needed a system that would answer our number one question and concern, ìSafeñ is it safe? Is it PCI compliant, and will it continue to be compliant?î
I found Monte Post, a distributer located in Iowa who led me to WashCard Systems. After asking many questions, I felt I could trust WashCard. I felt relieved when they offered a solution that would finally fix my problems, and give my wife and I the peace of mind to get back to a normal life.
Rebuilding trust with customers is a long process. Even a year later, I have customers coming back to me and telling me that, ëXí transaction finally settled with their credit card company. Since then, we put in place many changes and precautions, including how money is being handled. Customers have turned to using the loyalty cards more frequently now to avoid using their credit cards in the new system…but there is still some fear. Things are slowly returning to normal, and weíre feeling safe and confident with our new WashCard system. Itís not only for us, but for our loyal customers. We never want to go through that again.