Why Is This Important?
Identity theft is a major issue that is growing exponentially. The FTC estimates that approximately nine million Americans have their identity stolen each year, a crime amounting to $45 billion.
For the merchant, the penalties of using a non-PCI compliant provider can include:
$500,000 in fines (per incident)
Complete loss of ability to process card transactions
$10,000 in monthly fines
Major public relations crises
For the customer, credit card and/or identity theft is devastating. Dozens of calls must be made, dozens of
forms must be filled and credit can be ruined. The customer has a new sense of mistrust that makes them weary to purchase online.