The impact of PCI DSS on credit card fraud and merchants in the U.S.

摘要

Credit card fraud is a global problem that continues to plague organizations. Properly securing sensitive data, such as credit card account numbers, is extremely important in an effort to reduce the potential for fraud. The Payment Card Industry Data Security Standard (PCI DSS) is a compliance mandate that involves uniform measures to secure credit card account numbers. Although well intentioned, the implementation of PCI DSS has been challenging for merchants. Some of the challenges include the increased costs and new liabilities for merchants, as well as an overall unclear message sent by the card brands and the Payment Security Standards Council. This research analyzes the impact PCI DSS has on merchants and credit card fraud in the U.S. Specifically this paper examines the impacts of increased costs, varying degrees of liability, benefits of compliance and non-compliance, and the overall advantage for organizations to prevent fraud. This research also identifies the correlation between organizations that achieved PCI compliance and those that did not. Recommendations are given in an effort to increase the effectiveness of the PCI compliance process. Keywords: Economic Crime Management, Dr. Shannon L. Johnson Acquirer, Chip and PIN, Point-of-Sale, Card brands.