Five days until it's adios to old PEDs

However, if you have them in hand after the ball drops at Times Square, you'll have to repurpose them, perhaps as door stops.

On Jan. 1, 2008, manufacturers will no longer be able to sell PEDs that do not comply with the higher standards imposed by the Payment Card Industry (PCI) Security Standards Council through the PCI Data Security Standard (DSS) and the Payment Application DSS. And acquirers may no longer provide to merchants PEDs and applications that are not PCI compliant.

The stricter rules are designed to make it prohibitively expensive to tamper with or otherwise compromise PEDs, creating an extra barrier against hacking attacks on bankcard processing systems. It is expected this added protection will make security breaches, such as the one that occurred at TJX Companies Inc., difficult to accomplish.

The regulation taking effect Jan. 1 states that VisaNet processors (VNP) and other agents cannot certify new payment applications to their platforms if they are not compliant with PA DSS. Automated teller machines (ATMs) will also need to employ PCI-certified encrypting PIN pads. Any machine installed before Jan. 1, 2008, with a valid Visa PED certification will not be affected.

VeriFone stated it has been preparing for Jan. 1, 2008, for the past two years, making sure its equipment is updated with the latest in security standards. (For more information, see "Forging ahead with PCI PED," by Bulent Ozayaz, The Green Sheet, May 14, 2007, issue 07:05:01)

Parties who are identified as noncompliant will face penalties. Visa Inc. will fine offenders $5,000 to $25,000. MasterCard Worldwide has established at set fine of $10,000 for each offense.

Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.

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