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What name is given to industry-created standards to prevent payment card theft and fraud

User Siecje
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1 Answer

1 vote

Answer:

PCI DSS

Step-by-step explanation:

PCI DSS - Payment Card Industry Data Security Standard

This has been created to make

  • card payment secure
  • Reduce fraud

Problem:

  • Hackers try to control the card to make payments for their goods purchased or to do money transfer for illegal activities.
  • the card will be controlled by the criminals and the fund transfer will happen without entering the credentials by the original card holder.

Prevention method:

  • merchant seeking for photo-ID at the point of sale.
  • including software that can estimate the probability of fraud
  • when large transaction is done and distance calculated is greater from the cardholder's home might seem suspicious
  • Seeking for pin number of the card during purchase
User Abhijeet Kamble
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