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.
Ready to find out more?
Learn more about PCI Security on their website.
The PCI Security Standards Council is a global forum for the ongoing development, enhancement, storage, dissemination and implementation of security standards for account data protection.
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.
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.
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.
- 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
Ready to find out more?
Learn more about WashCard and why we take PCI seriously. We have seen the effects of vendors being unvalidated and know the truth about how it can hurt your business.