PCI Fines - The Teeth of PCI-DSS Compliance
In 2006, Visa levied $4.6 million in fines, up from a 2005 total of $3.4 million.
This new program sets an enforcement date for acquirers to validate PCI compliance for Level 1 and Level 2 merchants. Additionally, Visa is adding new fines to acquirers whose Level 2 merchant customers retain full-track data, CVV2 or PIN data after the transaction authorization.
Specifically for PCI compliance, acquirers will be fined between $5,000 and $25,000 a month for each of its Level 1 and 2 merchants who have not validated by September 30, 2007 and December 31, 2007 respectively. For prohibited data storage, acquirers failing to provide confirmation that their Level 1 and 2 merchants are not storing full track data, CVV2 or PIN data by March 31, 2007 will be eligible for fines up to $10,000 a month per merchant, subject to escalation in the event material progress toward compliance is not made in a timely manner.
From Visa
This new program sets an enforcement date for acquirers to validate PCI compliance for Level 1 and Level 2 merchants. Additionally, Visa is adding new fines to acquirers whose Level 2 merchant customers retain full-track data, CVV2 or PIN data after the transaction authorization.
Specifically for PCI compliance, acquirers will be fined between $5,000 and $25,000 a month for each of its Level 1 and 2 merchants who have not validated by September 30, 2007 and December 31, 2007 respectively. For prohibited data storage, acquirers failing to provide confirmation that their Level 1 and 2 merchants are not storing full track data, CVV2 or PIN data by March 31, 2007 will be eligible for fines up to $10,000 a month per merchant, subject to escalation in the event material progress toward compliance is not made in a timely manner.
From Visa
posted by Mark Mac Auley at 8:57 AM
2 Comments:
This is helpful information. Do you have any knowledge of where I can get more detailed information on fines based on the requirement? I've looked at pcisecuritystandards.org, but they don't list. Thank you.
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