New credit card regulations will have a “huge impact”

New regulations to protect consumer credit card information will have a “huge impact”, according to one commentator.

According to Computer Weekly, the Payment Card Industry Data Security Standard (PCI DSS) will “improve the security of consumers’ credit card information”.

Members of the PCI, including big credit card providers such as Visa, are behind the scheme and “non-compliant retailers risk large fines”.

However, parties that will be affected by the new regulations ñ such as retailers ñ are being warned that compliance may be expensive, in some cases requiring both new hardware and software.

The scheme, which comes into effect in January, will have four levels of compliance, to be determined by volume of credit card transactions and also perceived risks to security.

Budget clothing retailer TK Maxx was recently in the news for security violations relating to credit card details.

It emerged that the details of 46 million credit card transactions had been stolen by a computer hacker, affecting anyone who had shopped in either US or UK outlets between January 2003 and June 2004.

© Adfero Ltd

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