Ways to tackle Credit Card Fraud with PCI DSS Compliance in the UK

Published on : 28 Oct 2020

pci dss compliance in uk

In today’s digital world, the new payment technology has brought along with it significant risk associated with credit card fraud. Over the years we have witnessed a huge spike in online payment frauds which has further led to huge amounts of losses for businesses and credit card companies in the UK.

Every year nearly 70-80% of the people in the UK plan their holiday shopping online for the ease and convenience that it offers.  But with the increasing number of credit card frauds, people are concerned about the security of their data.

In response to the growing credit card threats in recent years, the Payment Card Industry Security Standards Council (PCI SSC) introduced a robust framework- PCI Compliance Standard to help companies tackle these threats.

In today’s article, we will be covering details on how PCI-DSS Compliance in the UK can help organizations deal with credit card frauds. But before that let us first learn about the security and credit card fraud landscape in the UK.

Credit Card Fraud in the UK

The trend of Credit Card fraud in the UK is very similar to those witnessed across the globe. The trend seems more evident in a card-not-present (CNP) channel which typically means fraud via online payments or phone transactions. UK’s payment card industry reported card-not-present fraud which accounted for nearly 76% in the year 2019.

One of the largest shares of fraud losses is witnessed in the UK issued debit and credit cards. The highlight of the statistics is that nearly 96% of the card-not-present fraud occurred on transactions that were not secured or authenticated with 3D Secure (3 Domain Secure).

UK now seeks to ensure safe and transparent financial transactions, and hence by working with members, law enforcement agencies, government agencies, and industry, they aim to create a hostile environment for criminals.

PCI SSC which is the global governing organization and an open forum responsible for the development, management, management, and awareness of PCI Security Standards introduced the Data Security Standard (PCI DSS) and the Payment Application Data Security (PA-DSS) to address these issues.

PCI SSC’s Compliance Initiative

A global organization and an open forum formed in 2006, the PCI SSC is an independent body that was formed by the five major payment card providers namely Visa, MasterCard, American Express, Discover, and JCB. The SSC is in charge of overseeing many aspects of the payment industry and serves as both a governing organization and an open forum responsible for the development, management, education, and awareness of PCI Data Security Standards.

PCI- DSS Compliance UK

Realizing the economic strain caused due to the credit card fraud witnessed year after year, PCI SSC was formed to introduce PCI DSS Compliance standards. The standard introduced addressed the growing crisis of data breaches in remote credit card transactions. It provides a robust security framework for organizations to implement and secure their cardholder data environment.

PCI DSS was introduced in the UK in September 2006 to create a secure environment for all organizations dealing or accepting and processing card transactions and consumer data.

These standards apply to all merchants processing payment card transactions, however, the reporting requirements vary based on the merchant’s PCI compliance levels determined by Visa transaction volume. Although, PCI DSS Compliance in the UK is not strictly mandatory nor a legal requirement for UK businesses, but under certain UK law and cases, it may be a legal requirement that must be implemented.

How can the PCI DSS Standard reduce card fraud and enhance data security in the UK?

PCI Compliance in the UK helps strengthen the security of online payment transactions and further reduces the possibility of payment card frauds. Organizations regardless of their size or number of transactions, that accept, transmit, or store payment card data, are expected to comply with the PCI DSS Compliance.

The Standard calls for organizations to implement outlined security frameworks to strengthen the protection of cardholder data. The Payment Card Industry Data Security Standard helps organizations tackle credit card frauds in the following ways-

  • Build and maintain a secure IT network;
  • Ensures implementation of security controls;
  • Ensures protection of cardholder data;
  • Maintain a vulnerability management program;
  • Regularly monitor and test networks to identify potential threats;
  • Develop and maintain a stringent information security policy in the organization.

By ensuring the implementation of the above-mentioned requirements will ensure organizations’ commitment to a secure cardholder environment. PCI DSS compliance requires organizations to have multiple layers of security firewalls installed and properly configured.

Meeting compliance standards will ensure the implementation of a strong security strategy that evolves based on current threats and monitors the network for unpatched holes or lapsed updates. This way organizations can ensure compliance with industry security standards for the protection of card data.

Also Read:- Why PCI DSS Training Important?

How can VISTA InfoSec help achieve PCI DSS Compliance in the UK?

Attaining compliance is not an easy task. It can surely be daunting for organizations with little or no knowledge of the Standard. But VISTA InfoSec can offer you PCI DSS consultancy services and assist in developing and implementing the best-structured framework for achieving compliance.

We are a global Information Security Consulting and PCI Qualified Security Assessor (QSA) having a strong track record of helping companies including Payment Brands across the globe with PCI DSS Compliance projects. Leveraging our about two decade-long years of experience and industry expertise, our team will provide you with complete end-to-end support through the compliance process. This will relieve your organization of the pressure of compliance while enabling you to continue your business operations.

Narendra Sahoo
Narendra Sahoo

Narendra Sahoo (PCI QPA, PCI QSA, PCI SSF ASSESSOR, CISSP, CISA, CRISC, 27001 LA) is the Founder and Director of VISTA InfoSec, a global Information Security Consulting firm, based in the US, Singapore & India. Mr. Sahoo holds more than 25 years of experience in the IT Industry, with expertise in Information Risk Consulting, Assessment, & Compliance services. VISTA InfoSec specializes in Information Security audit, consulting and certification services which include GDPR, HIPAA, CCPA, NESA, MAS-TRM, PCI DSS Compliance & Audit, PCI PIN, SOC2 Compliance & Audit, PDPA, PDPB to name a few. The company has for years (since 2004) worked with organizations across the globe to address the Regulatory and Information Security challenges in their industry. VISTA InfoSec has been instrumental in helping top multinational companies achieve compliance and secure their IT infrastructure.