New Visa TIP Update

Category: Merchant Processing Industry

Cyber criminals and hackers continue to pose a threat to smaller businesses. Not only are they easier to hack but they lack many of the resources put in place that create safeguards and protective barriers against these perpetrators. The situation is made worse by improperly installed POS software and applications, as well as, breaches into merchant payment data. Malware exposure is creating the most significant risk to merchants of payment data, through gaps in their security protocols. Due to the increase in small business data breaches, Visa has established a new data security program. This program will require small businesses that are utilizing third party providers for POS applications and terminal installations and integrations to involve only the help of IT professionals that have achieved their Payment Card Industry Qualified Integrator and Reseller (PCI QIR) compliance.

Based off recent investigations from Visa, they have found that smaller merchants continue to be the target of hackers attempting to collect or compromise data. These new requirements will be taking effect January 31, 2017 for all Level 4 merchants. Level 4 merchants are classified as those that process less than 20,000 Visa or Mastercard e-commerce transactions annually, and all other merchants that process up to one million Visa or Mastercard transactions annually. All Level 4 merchants in an acquirers portfolio that are using third parties for their POS applications and terminal installation must use PCI-certified QIR professionals, and they must guarantee that those merchants validate their PCI DSS annually and/ or participate in Visa’s Technology Innovation Program (TIP).

Read the full article: https://www.crowdreviews.com/blog/new-visa-tip-update/