3490 information technology white papers from 529 companies
Company: GFI Software
Category: System Design & Management
Published: April 2007
Credit cards are widespread and their use for online payments is increasing dramatically. There were 1.3 billion credit cards in circulation in the U.S. in 2004, with 76% of Americans having at least one credit card. Retail U.S. e-commerce sales in the 4th quarter of 2006 were $33.9billion, a 25% increase over the same quarter in 2005.
There is bad news however. Credit card fraud (26%) was the most common form of reported identity theft in 2005. Considering that more than $48 billion was lost by financial institutions and businesses in that year due to identity theft, and $5 billion lost by individuals, it can be said that credit card fraud is digging deep into everyone’s pockets! E-commerce fraud is also on the rise, reaching $3 billion in 2006 with an increment of 7% over 2005.
This white paper examines the consequences of cardholder data theft and addresses the following key questions:
• What is the PCI directive?
• Why is it important for your business to comply?
• What are the consequences of not complying?
• What solutions are available to address the PCI directive?
Rating: + 1
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