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"Most High Street retailers do not meet credit card standards"

By Reno | August 17th, 2010 | General

A number of security experts have stated recently that a vast majority of High Street retailers are actually failing to meet the standards set by the Payment Cards industry, which are designed to try and help cut fraud and reduce the risk of compromising information through security breaches.

It has been reported that an astonishing 95 percent of High Street retailers do not meet the standards of the Payment Card Industry, and this is a claim that has been made by a number of leading security industry experts. The worldwide information security standard is known as The Payment Card Industry Data Security Standard (PCI DSS). These standards have been defined by the Payment Card Industry Security Standards Council.

There has been a great deal of concern with regards to the rising problem of card fraud and identity theft, and these standards were partly designed to try and combat this to some degree. However, given that the vast majority of High Street retailers are failing to meet these standards the situation could be worrying for consumers that tend to make purchases on their cards.

According to reports online retailers are performing better than their High Street counterparts when it comes to adhering to the standard, and despite increased pressure to stick to the standards most High Street retailers are failing to do this. Visa recently released figures showing that only 9 percent of Level 1 retailers, which are those handing more than six million transactions a year, were managing to adhere to the standards.

One security industry experts suggested that many retailers were only just getting to grips with the security standard, stating: “Most merchants are really now only coming to terms with the standard.”

Tags: Payment systems, Payment Card Industry Data Security Standard, retailers, Credit Cards

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