University protects against card fraud
05 Oct 2016
Payment Card Industry Data Security Standards (PCI DSS) have been introduced in order to minimise card fraud for institutions.
In 2014 alone, 3.5 million fraudulent transactions took place in the UK, with an estimated value of £479 million (Office for National Statistics). In the context of the digital age, card fraud has become a significant issue that can impact a wide range of organisations, regardless of size or scope, as criminals use a variety of methods to steal customer data. Deception, e-mail phishing, online attacks and malware have all been used by criminals in order to obtain card data fraudulently.
This is why the Payment Card Industry Data Security Standards (PCI DSS) were introduced as a contractual obligation between banks and organisations, in order to minimise card fraud for institutions which process, transmit or store card data. PCI DSS is a mandatory, worldwide set of rules across people, process and technology that ensure card data is stored, processed and transmitted safely.
Considering that the University of Manchester processes payments of approximately £130 million every year, implementing the necessary measures of protection against card fraud is vital in order to keep our staff and students safe.
Did you know that our University is PCI DSS compliant?
Our organisation is committed to implementing measures of cyber security in order to safeguard customer data, which is why it became PCI DSS compliant.
We believe in the importance of introducing standards of good practice, fraud awareness and IT security, which means that our circa. 40,000 students and 11,000 members of staff, along with our University’s image and reputation, are always protected.