Resources for Federal Financial Institutions Examination Council (FFIEC)

PCI Compliance Deadlines Have Retailers Scrambling

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With Visa U.S.A. Inc.'s first hard deadline for compliance with the Payment Card Industry's (PCI) Data Security Standard (DSS) just weeks away, merchants are ramping up efforts to get their houses in order. The question remains: Will Visa catch those who fail to get into line?

"There is a scramble going, and people are starting to take it seriously based on the financial repercussions," said Khalid Kark, an analyst at Forrester Research Inc. in Cambridge, Mass. "Over the last six months we've been getting a lot of questions and concerns about what merchants need to do and who they need to talk to. They're just so far behind the curve."

The PCI DSS is a set of policies and procedures established by the credit card industry aimed at securing transactions and cardholders' personal information. The standards were set by the industry in 2004, but experts say the extent of compliance by merchants has been spotty due to a lack of hard consequences for noncompliance. Previously, credit card companies assessed only fines for data breaches.

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