Nochex has announced that it is among the first payment methods
in the UK to fully comply with new rules regulating the security of online card
payments. The new standards are obligatory from 2015 but Nochex has ensured it
remains one step ahead of the competition by certifying early.
Payment Card Industry Data Security Standard
(PCI DSS) Level 1 is a compulsory standard for leading banks and financial
institutions worldwide including Nochex. It was set up to help businesses
process card payments securely and reduce card fraud by protecting sensitive
card holder information. Any organisation that handles, stores or transmits
card payments or cardholder information must meet these standards. Firms are
assessed annually to ensure they have correctly applied this stringent set of standards
to their cardholder environment.
Every three years the standard is updated to make sure it stays
abreast of the latest security requirements. The most recent update (version
3.0) was released in November 2013 and becomes mandatory in 2015. Nochex made
the decision to become compliant early to ensure it maintains the highest
levels of security for its merchant account customers and consumers. In doing
so Nochex has become one of the first UK based organisations to achieve
compliance.
Nochex Chief Executive Officer, Martin Greenbank says “Nochex is delighted to have passed its
assessment. Security is of paramount importance to a payment service like ours
which is why we were so keen to be assessed against the most up to date version
of the standard. It was a demanding exercise but the last thing we want is for
our customers to be at risk. Being among the first really is the icing on the
cake. We strive to be the very best at everything we do and obviously security
is no exception.”
As internet shopping grows more popular, so, regrettably, does
internet fraud grow more common. According to figures released by Financial Fraud Action UK*, in the first
six months of 2014 alone £110m was lost to credit card fraud in the UK. This emphasises
how vital it is for a trusted payment method like Nochex to continue to invest
in security.
Nochex Chief Technical Officer, Andrew Baiden adds “Criminals are getting more sophisticated
and each day seems to bring a different challenge. Card security is about being
pro-active. You have to adapt all the time to stay secure, which is why we
completed our assessment earlier than needed. Protecting our customers’ data is
crucial to us. We don’t just complete the assessment and then rest for the next
12 months; security is a 24/7 job and we are continually working to improve to
ensure that we can help stop fraud before it happens.”
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