Heritage Bank Limited has bagged the Payment Card Industry Data Security Standard, PCI DSS certification, in addition to the ISO/IEC 27001:2013 award.
The PCI DSS is a proprietary information security standard for organisations that handle branded credit cards from the major card schemes including Visa, MasterCard, American Express, Discover, and JCB.
The PCIDSS, administered by the Security Standards Council, offers robust and comprehensive standards and supporting materials to enhance payment card data security.
These materials include a framework of specifications, tools, measurements and support resources to help organisations ensure the safe handling of cardholder information at every step.
The keystone is the PCI Data Security Standard (PCI DSS), which provides an actionable framework for developing a robust payment card data security process — including prevention, detection and appropriate reaction to security incidents.
The standard was created to increase controls around cardholder data to reduce credit card fraud via its exposure. Validation of compliance is performed annually, either by an external Qualified Security Assessor (QSA) that creates a Report on Compliance (ROC) for organizations handling large volumes of transactions.
The certification was in recognition of the bank’s commitment to effective and secured financial system which has put the bank in the league of big players in the industry and confer internationally-recognised standard on its operations.
It will also put Heritage Bank in a good stead to protect the funds of its customers and frustrate efforts by fraudsters to access their information and assets.
Over the years, substantial part of banks’ revenue was lost to fraud with no single bank spared.
From the Financial Institutions Training Centre, FITC report on Frauds and Forgeries in Banks (January – September 2014), a total of 8,502 cases were reported. The total amount of money involved was N23.34 billion, out of which N3.01 billion was actually lost.
The Nigerian Deposit Insurance Corporation, NDIC in its …Read More
Source:: New Mail