February 16, 2006
GlobalCollect early adopter of The Payment Card Industry (PCI) Data Security Standard
GlobalCollect, the leading international electronic payment processor for Internet and Direct Marketing transactions was one of the first Payment Service Providers to comply with the PCI standards. GlobalCollect strongly believes the card associations’ initiative will very much contribute to internet payment fraud prevention.
Amsterdam --- February 16, 2006 --- In light of the recent major security breach incidents which have led to the theft of massive credit card holder details and their subsequent fraudulent use, the need for strengthened security measures for the different parties involved in online credit card processing has become a priority. The PCI Security Standard which unites MasterCard, Visa, American Express, Diners Club, Discover, and JCB in a joint effort to protect consumers' financial data plays a very important role in the increasingly rigorous and complex payment data protection process.
Payment Service Providers and merchants are required to review the PCI standard to determine their compliance. Depending on the number of transactions processed per year as well as the way payment information is handled, there are different levels of compliance ranging from 1 to 4, corresponding to different compliancy requirements. Failure to meet the requirements could mean substantial fines or penalties.
Meeting the highest security standards is a major axis of GlobalCollect’s policy and therefore, the adoption of PCI security standard has been a priority for the company from the early stages of cards association’s security standard developments. Measures have been taken at all levels, from the employee recruitment policy to the IT infrastructure of the payment platforms.
Ron Vollebregt GlobalCollect’s Chief Operating Officer, says: “We strongly believe that the obligation for Payment Service Providers and merchants to comply with the PCI data security standard is a very positive step for the payment industry’s future. We are proud to be leading in the adoption of the standard and to be able to provide services meeting the highest security standards to our customers.”
GlobalCollect is compliant since November 18, 2005 and its compliancy audit has been performed by Visa and MasterCard approved Qualified Security Assessor, One-Sec. One-Sec CEO, Riaan Versfeld says: “It has been a pleasure to work closely with GlobalCollect to assist them in attaining their PCI DSS compliance status. One-Sec is currently working with 60% of the Payment Service Providers in the market place, 75% of which have already achieved compliance. Companies are certainly recognising the benefits of being PCI DSS complaint and the numerous distinct advantages of working with a QSA like One-Sec, to get them there.”