By Alex C
In a move aimed at eliminating furad in the use of credit and debit cards, Managing Director of Mainstreet Bank Ltd, Mrs. Faith Tuedor-Matthews, said the lender had put in place security standards to eliminate incidences of fraud.
The managing director disclosed that the Payment Card Industry Data Security Standard (PCIDSS) ensured safety in the transmission of credit and debit card information. She hinted that the development made the bank to be awarded PCIDSS certification.
According to her, the PCIDSS was a set of requirements designed to maintain a secure environment to manage the Payment Card Industry (PCI) security standards which includes companies that process, store or transmit credit or debit card information.
Tuedor-Mathews explained that the PCIDSS was administered and managed by the PCI Security Standards Council, an independent body that was created by the major payment card brands. These include Visa, MasterCard, American Express, Discover and JCB.
The Mainstreet Bank had by that recognition earned the Level 1 PCI certification, the highest rank available from the major credit card providers. The Level 1 PCI certification is only given to third-party providers who met the credit and debit cards transaction security protocols to protect customers’ personal transaction data.
The Level 1 required an external audit for approval which was more rigorous than lower level compliance with the process further attested to the security of the bank’s network, applications, hardware and business processes.
It is noteworthy to state that the audit was performed by Qualified Security Assessor (QSA) from Phillips Consulting in Nigeria.
Image Source: https://businessnews.com.ng