Compliance Spotlight: Payment Cards Industry (PCI)
In the spirit of compliance with industry standards, Futurex is a proud member of the Payment Card Industry Security Standards Council. The PCI Security Standards Council is a global body that develops, maintains, and administers security standards for the card payment industry. It was originally formed in 2006 by the 5 major card brands, American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International in order to manage their primary security standard, the Payment Card Industry Data Security Standard (PCI DSS). Together with dozens of other companies and participating members from the financial sector, merchants, point of sale vendors, and other security hardware vendors, Futurex and the council decide on standards the future of payment transaction security standards.
The primary standards that the PCI Security Standards Council manages has always been the PCI DSS, which the widely accepted set of security standard and policies intended to increase security during credit and debit transactions and also to alleviate the risk of fraud and misuse of card holder data. Prior to the PCI DSS, the five major card brands all ran their separate security programs standards. While they were aimed towards the common target of cardholder security, they were each independent of each other. However, as online payments became more common in the early 2000s, the five major card companies aligned their security programs under the common umbrella of the PCI DSS which became the mandatory standard for any organization that accepts, processes, or stores credit card information.
As a contributing member of the Payment Card Industry Security Standards Council and as an industry leader in the development of hardware security modules for payment transaction encryption and processing, Futurex maintains constant situational awareness of changes to the PCI DSS. In doing so, Futurex can ensure that its products can be deployed as part of a compliant PCI data protection solution.