In 2004, major credit card brands created the Payment Card Industry Data Security Standards, a set of guidelines businesses are encouraged to follow in order to ensure the security of their customers’ private financial data. At their most basic level, the standards serve as a set of protocols that, when followed, ensure that customers’ credit card information is kept private when merchants take their cards in hand for payment.

Businesses aren’t legally mandated to comply with the PCI (News - Alert) (News - Alert) standards, but there could be devastating consequences should a breach occur at a noncompliant business.

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