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Debit
October 27th, 2015 by Elma Jane

If there’s an unauthorized charge made on your credit card account, no money is taken from you. There’s no immediate financial hit while you straighten things out. But if someone gets hold of your debit card information, your bank account will be drained depending on the nature of the transaction.

Differences between a credit card and a debit card:

Debit cards fall under a different federal law than credit cards. Regulation E, the Electronic Fund Transfer Act, says after two days, you could be liable for up to $50. After 2 days liability jumps to 500.00. Beyond 60 days, you could be liable for all unauthorized transactions. Otherwise, federal rules are on the bank’s side. Beyond 60 days, there’s likelihood you’ll never see your money again.

Federal law protects you from unauthorized charges made with your credit card number rather than with the actual card. In the event the credit card is in a thief’s hands, you’ll be liable, but only for a maximum of $50, provided you report the problem to the credit card company. However, in many cases a zero liability policy may kick in.

There are many things that can go wrong. Best solution is to pay close attention to your statements, online or via a mobile app, frequently. Report if there’s a malicious transaction.

 

 

Posted in Best Practices for Merchants, Credit Card Security Tagged with: , , , , ,

May 8th, 2015 by Admin

 

 

 

 

 

 

 

 

 

All merchants that accepts, transmit or stores cardholder data are required to be PCI (Payment Card Industry) Compliant. Most believe that because they do not charge the credit cards themselves, they are exempt. Why all agencies are required to be complaint even when they don’t charge credit cards themselves, and some steps to ensure your agency is PCI compliant.

What is PCI compliance?

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment. PCI applies to all organizations or merchants, regardless of size or number of transactions, that accepts, transmits or stores any cardholder data. Travel agents accepting, storing and transmitting credit card information to suppliers, are required to be compliant too. Suppliers reinforce this through their travel agent guidelines/contracts. Travel Agency must adhere to the applicable credit card company’s procedures for credit card transactions.

Consequences of Not Being PCI Compliant

If an agency is not PCI compliant, the agency can lose the ability to process credit card payments with that supplier. Not being able to pay with client credit cards can be a serious roadblock for agencies, and an inconvenience for clients.

If you have a merchant account and are found to be out of compliance, you can be fined.

How to be PCI Compliant

Don’t store the CCV security code from the client’s credit card. The client does not have the authority to grant you permission to store their CCV code. The credit card company explicitly forbid storage of the CCV code.

Make sure you securely store any client information, including their credit card number and expiration date. If you use a CRM, ensure that you have a strong password. If your CRM database is stored on your computer hard drive, encrypt it (there is a great encryption software that is free of charge). If you have an IT resource, talk to them about installing a firewall on your network, installing anti-virus and anti-malware protection, and any other steps that you can take to secure your client data even further.

If you keep paper copies of client information, keep it in a locked filing cabinet or desk drawer. When you no longer need their credit card information, cross shred it.

Home based businesses are arguably the most vulnerable simply because they are usually not well protected, according to the PCI Compliance Guide. Having strong passwords, encryption, a firewall, anti-virus and anti-malware protection are all inexpensive steps that you can take to protect your business and your clients’ sensitive data.

If you receive a courtesy call reminding you about PCI Compliance, don’t ignore it.

 

 

Posted in Best Practices for Merchants, Credit card Processing, Credit Card Security, Payment Card Industry PCI Security Tagged with: , , , , , , , , , , , , , , , , , , , , , , ,