Visa recently announced a series of security requirements designed to counter credit card fraud head on, starting with the most alarming method of fraud—the data breach. In a bulletin issued in October of last year, Visa spoke of the necessity for advanced security protocols that merchants and acquirers must adhere to in order to curb the number of fraud cases among small merchants.
3 Things Visa is Doing to Eliminate Fraud
Visa is one of the most proactive credit card issuers and financial institutions in taking on credit card fraud. Data breaches hit both large and small merchants every year, and they have presented a huge problem for the credit card processing industry, in addition to stealing away financial security from millions of consumers. The best action to take against the data breach problem is preventative action, and Visa has been developing new strategies to counter credit card fraud before it even occurs.
1. Pushing QIR
Part of the new guidelines issued by Visa include that acquirers must require all new level 4 merchants to process through a PCI compliant qualified integrators and resellers, or QIR. This will ensure that the process that occurs between the consumer ordering an item on a merchant’s website and the depositing of funds into a business’s merchant account is seamless and fraud-proof. It is vital for payment gateways and virtual terminals to be PCI compliant so they maintain the same security standards as the website and acquiring bank.
2. Encouraging PCI Compliance for Existing Merchants
Another part of Visa’s new security requirements state that all affiliated acquirers must ensure that all existing level 4 merchants are PCI complaint and using the proper QIRs by January 2017. It is imperative for all merchants and acquirers to maintain the proper PCI compliance standards year-round to avoid becoming victims of data breach fraud.
3. Bi-Annual Acquirer Reporting
Furthermore, Visa will require acquirers to report two times per year on the status of boarded merchants and PCI compliance standards. This will help Visa obtain additional information it needs in locating and preventing credit card fraud before it happens.
Preventing a Data Breach with Instabill
Instabill has been specializing in providing qualifying merchants with PCI compliant merchant accounts for more than a decade. With our 100% PCI compliant payment gateway and trusted acquiring bank partners, we can provide your business with safe and efficient payment processing solutions.