Visa Warns Merchants of Deadline for PCI Compliance

By Jaikumar Vijayan

August 20, 2007 12:00 PM ET

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Computerworld - Visa U.S.A. Inc. this month warned large merchants that they will face fines and higher credit card transaction fees unless they fully comply with the Payment Card Industry (PCI) data security standard by Oct. 1.

Visa sent that message to the banks that process card transactions for merchants. The acquiring banks, which are charged with enforcing the PCI requirements, passed the warning on to their clients.

The PCI standard was developed by several credit card firms, which began pushing merchants two years to begin work on meeting its 12 requirements.

Visa initially warned last December, and then reiterated this month, that merchants failing to comply by Oct. 1 will face higher commission fees and monthly fines of at least $25,000.

Read more about security in Computerworld's Security Knowledge Center.

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