A New Credit Card Format and PCI Compliance
Finally, we are almost there! The United States is following the lead of other industrialized nations and converting its credit card format from the current magnetic strip to a card that contains a built-in computer chip. The chip makes it more difficult for hackers to steal, and since each transaction generates a random code (or token), it decreases the effectiveness of “snooping devices” that try to record your personal information.
While this is a step in the right direction there is still a major hurdle that needs to be overcome, as most US retailers are not ready for this new technology. As retailers work to adopt the new technology necessary to utilize the chip cards, most banks and credit card companies are issuing cards with a chip and the good old magnetic strip – which is, as mentioned, quite vulnerable – on the same plastic card.
With these improvements, it’s important to keep in mind that having a chip on a card does not eliminate the need for merchants to be PCI compliant.
For more information on meeting PCI compliance standards, download this document.
If you are working toward your PCI compliance and need some help, don’t hesitate to call us at (508) 543-6979.
Gerard Louise, CEO