Payment Card Industry Security Standards Council (‘PCICo’) defines the standard for securing Personal Account Numbers (‘PAN’) and personally identifiable information (‘PII’), wherever it is located. Compliance is required of all entities storing, processing, or transmitting cardholder data. Acquiring Banks must comply with PCI and are responsible for ensuring the compliance of their merchants for all payment channels, including retail (brick-and-mortar), mail/telephone-order, and ecommerce.
Merchants must immediately report the suspected or confirmed loss or theft, including a loss or theft by one of the Member or merchant’s service providers, of any material or records that contain personal identity and financial information. Failure to report a theft of account information may result in severe fines from $100,000.00-$500,000.00.
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