For the eighth consecutive year, Paycorp has met the rigorous security requirements for PCI-Data Security Standard compliance; the industry-mandated security standard that applies to all businesses that store, process or transmit credit and/or debit card data. Paycorp was one of the first organisations in the South African financial services industry to achieve PCI compliance, and has now been award compliance certification for the latest Version 3.2.1.
Paycorp’s stringent and persistent focus on security is at the heart of the business and remains top-of-mind for every single employee, not only the IT-department. Paycorp understands that besides convenience and affordability, the number one priority of any potential customer looking for a payment solution provider is security.
Security remains a top priority in a world of escalating risk. According to a 2017 report by the South African Banking Risk Information Centre (Sabric), the banking industry’s gross fraud losses using South African-issued credit cards increased by 1.0%, from R434.0m in 2016 to R436.7m in 2017.
Meeting PCI-DSS compliance standards ensures that service providers operate in accordance with best practice guidelines for security and that all instances of cardholder data are properly identified and documented.
Meeting PCI requirements is an ongoing process. An audit is conducted annually to ensure that Paycorp remains compliant. A regular review of PCI standards by the PCI Security Standards Council ensures that improved data security measures are introduced for detection and prevention of fraud.