US credit card companies join together for better security
The major US credit card companies American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International have put together a council intended to provide increased security for cash-free transaction processing. The PCI Security Standards Council is primarily responsible for the continued development and application of the PCI Data Security Standard (PCI DSS) initiated at the beginning of 2005. All parties involved with credit card transactions, from the merchant to the financial service provider and the consumer, are to be involved.
The five founding members of the council, organised as a Limited Liability Corporation, have agreed to draw upon the PCI DSS as the basis for their security programmes. PCI DSS is currently available in version 1.1 and consists primarily of a series of requirements posed in areas like storage, transmission and protection of data.