Taking Credit Card Payments Over The Phone Regulations Australia
As the world becomes more digitized, businesses are increasingly accepting credit card payments over the phone. However, it’s crucial to adhere to regulations to ensure a safe and secure transaction. In Australia, taking credit card payments over the phone is regulated by the Payment Card Industry Data Security Standard (PCI DSS). In this article, we’ll delve into the regulations surrounding taking credit card payments over the phone in Australia.
What is PCI DSS?
The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. PCI DSS was created by the Payment Card Industry Security Standards Council (PCI SSC), which is made up of major credit card companies including Visa, Mastercard, American Express, and Discover.
What are the regulations for taking credit card payments over the phone in Australia?
In Australia, businesses that accept credit card payments over the phone must comply with the PCI DSS regulations to maintain a secure environment. The following are the regulations that businesses must follow:
- Protect stored cardholder data
- Encrypt transmission of cardholder data across open, public networks
- Use and regularly update anti-virus software or programs
- Develop and maintain secure systems and applications
- Restrict access to cardholder data by business need-to-know
- Assign a unique ID to each person with computer access
- Restrict physical access to cardholder data
- Regularly test security systems and processes
- Maintain a policy that addresses information security
What are the consequences of not complying with PCI DSS regulations?
Non-compliance with PCI DSS regulations can result in serious consequences for businesses. If a business experiences a data breach and is found to be non-compliant with the regulations, the following can occur:
- Loss of reputation
- Legal action
- Fines and penalties
- Termination of ability to accept credit card payments
- Costs associated with investigating and resolving the breach
How can businesses ensure compliance with PCI DSS regulations?
Businesses can ensure compliance with PCI DSS regulations by following a few key steps:
- Understand and follow the regulations
- Regularly assess and update security systems and processes
- Train employees on PCI DSS compliance
- Use secure payment technology
- Work with a reputable payment processor
Conclusion
Taking credit card payments over the phone can be a convenient option for businesses and customers alike. However, it’s important for businesses to understand and follow the regulations surrounding PCI DSS to ensure a safe and secure transaction. By following the regulations and implementing secure payment technology, businesses can protect their customers’ information and avoid the consequences of non-compliance.