26 April 2005
Online retailers are today being advised to modernise their security and data handling processes to help counter credit card "e-fraud".
The credit card industry is poised to take receipt of new regulations on June 30th but internet online sellers should take steps early in order to comply.
This, according to economists, will help consumers and retailers alike when the new rules come into force.
The regulations are being enforced in the wake of recent high profile security breaches at the Bank of America and Polo Ralph Lauren.
The Payment Card Industry Data Security Standard, devised from the collaborative effort of Visa and MasterCard, will see internet retailers having to install a firewall to protect data.
Retailers will also be forced to encrypt the transmission of cardholder data and sensitive information, as well as keeping anti-virus software up to date.
Officials have said they hope the new regulations will have a significant impact on cutting identity theft and on-line credit card fraud.
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