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Visa PCI Fines On The Rise...
From Visa... Fines for PCI Compliance and Data Storage Visa's PCI CAP will build on the company's current enforcement efforts, which include acquirer fines for data compromises involving merchants of any size. Fines are also assessed on acquirers that have failed to confirm that full track data is not retained or that did not provide a PCI compliance plan for their Level 1 merchants by September 30, 2006. 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.
Posted December 14, 2006 in LogMatters | Permalink
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