Recent figures from the UK Cards Association showed that banking industry initiatives, including PCI have been successful in decreasing the volume of card and bank account fraud. Payment card fraud losses in 2010 reached their lowest levels since 2000, and have made significant improvement from their all-time high just three years ago in 2008. Overall, they suggested that total fraud losses on UK cards fell by 17 percent alone over the preceding year. Data protection laws in Europe are getting tougher, with Spain, Italy and Germany now requiring companies to notify customers of a privacy breach. Additionally, as companies take a broader look at business processes in the data-security context, PCI DSS is proving successful as a strong foundation for overall data security, with research pointing to the PCI Standards as effective in efforts to satisfy the European Data Protection Directive.
- JEREMY KING, EUROPEAN DIRECTOR, PCI SECURITY STANDARDS COUNCIL
- InfoSecurity
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