Credit Card Security At Risk Globally
Posted July 10th, 2009 The PCI Data Security Standard (PCI DSS), which is a set of rules for merchants that govern security around credit card processing, is facing some serious criticism from inside the finance industry.
Portaltech, an eCommerce provider, said that “some” security experts feel that the system offers only a “minimal baseline” of protection. They think that the rules that are included in the PCI DSS are not stringent enough to deal with the sophistication levels that criminals are using to enact fraudulent transactions.
This means that it’s more than likely that credit card customers are overly confident about the level of security that is associated with their credit card. This is not just a UK specific issue as the PCI DSS is the worldwide standard for protection against credit card breaches and scams.
The standard works by placing limits on the release and rules on the management of personal data associated with Credit cards. This data is the key to most credit card scams and highly prized by con artists. By getting this information they can fake the cardholders identity.
Andrew Walker, Portaltech chief executive, said: “Even though there have been many versions of the standard, each one is more onerous than the last and has not been successful in ironing out the problems. “Look at online application vulnerabilities. They’re arguably the fastest growing area of security, and for good reason — exposures in customer-facing applications pose a real danger of a security breach.”
PCI DSS was released in 2004 and is regularly updated.
People who viewed this Page also viewed these Pages
Leave a Comment
Comparison of Top 10 Credit Card Offers
| Credit Card | Card Details | Interest Rate | Cash Advance Rate | Balance Transfer Rate | Annual fee | Interest free days | ||
|---|---|---|---|---|---|---|---|---|
 Halifax All in One Credit Card |
The Halifax All in One credit card offers a great introductory rate, and is perfect for saving you money now as well as in the future. | 15.9% APR | 27.95% p.a. (variable) | 0% for 9 months | No Annual Fee | 59 Days interest free |
 |
|
 Virgin Credit Card |
As well as a great rate, the Virgin Credit Card comes with:
|
16.6% APR (variable) | 27.9% p.a. (variable) | 0% for 16 Months (2.98% fee on balance transfers) | No Annual Fee | 50 days on card purchases |
|
|
 Capital One Classic Visa |
This card is designed for people with bad credit ratings, this is why the rate is quite high. |
Typical 34.9% APR variable | 34.9% APR | 34.9% APR | No Annual Fee | 56 days for purchases. 0 days for balance transfers and cash. |
|
|
|
As well as earning Flying Club miles which you can spend on brilliant rewards like flights, upgrades, car hire and more, a Virgin Atlantic Credit Card gives you up to 46 days interest free on card purchases. |
17.9% APR typical rate | 20.9% p.a. (variable) | 0% for 6 months (2% handling fee) | No Annual Fee | Up to 46 days on card purchases only. |
|
|
|
The Virgin Prepaid MasterCard from Virgin Money is a prepaid Mastercard that you can add funds to, and use these funds for normal purchases. |
N/A | N/A | N/A | N/A | N/A |
|
|
|
5% cashback on purchases in your first three months (up to £4,000 of spend). Thereafter, earn 0.5% on the first £3,500, 1% on £3,501 to £10,000, and 1.5% after £10,001. |
18.9% p.a. | 27.9% p.a. | 18.9% p.a | No Annual Fee | 56 days for purchases. 0 days for balance transfers and cash. |
|
|
|
Vanquis Visa Card is designed for people with no credit history or who have previously had bad debt. Representative 39.9% APR (variable) |
Representative 39.9% APR (variable) | 39.9% | N/A | No Annual Fee | Up to 56 days on card purchases only |
|
|
|
The award winning prepaid card with no credit check or bank account needed. | Funds in your Account will not earn interest | Prepaid only - N/A | Prepaid only - N/A | £59.40 p.a. (£4.95/month) | Prepaid only - N/A |
|
