PCI DSS | PCI DSS Purpose
The Payment Card Industry Data Security Standard is a set of policies designed to better secure financial transactions. The standard was put in place to protect cardholders and their information. The four major credit card companies – Visa, MasterCard, American Express and Discover – worked together to create PCI DSS in 2004 to better protect consumers.
The purpose is to reduce the risk of credit card fraud and prevent hackers from accessing cardholder data. While fraud still happens, PCI DSS greatly reduces the risk by holding businesses accountable for the protection of financial data.