Many might not know that the ***** sequence hiding the letters is only to protect their passwords from people who might be looking over your shoulders and does nothing against hackers. But rest assured, there are other, more sophisticated protocols that websites must comply with to prevent virtual hacking when collecting data from users.
The same is true for any retail store or company collecting information from their customers, whether online or in-person. Companies must securely manage their customers’ sensitive data to protect their patrons’ identities. This makes compliance management solutions very important and something that organizations have to take seriously.
The Payment Card Industry Data Security Standard (PCI DSS) is an information security standard that organizations must show compliance with if they are going to handle cardholder information for debit, credit, ATM, and prepaid cards. The PCI Security Standards Council are a well-established set of standards designed to prevent credit card fraud.
And those standards serve a noble purpose. Customers can be best served in a secure environment where data can be exchanged without risk. Without the standards, we’d all need to take scissors to our credit cards and an entire industry would melt down.
Over 92.5 million households in the U.S. have at least one credit card, with over 3 billion credit cards in circulation worldwide. With all of these credit cards in circulation, approximately 10% of Americans have experienced identity theft with over $5.55 billion stolen in credit card fraud all over the world.
Even though companies use standards to protect against these losses, we need to look out for ourselves as well. As our society and culture become more comfortable with putting personal information on Facebook, LinkedIn, and elsewhere, we need to think more about being gatekeepers of our personal identity. It ends up being a shared responsibility.
These numbers are startling evidence that a lapse in personal security is a very costly mistake. Are we doing everything we can to protect our customers and ourselves from fraud?
Learn how organizations are tackling their Big Data challenges in this information-packed eBook.