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Financial Regulation & Supervision - Essay Example
Finance & Accounting
Pages 9 (2259 words)
Financial Regulation & Supervision Executive Summary The concept of business has changed in the last two decades with more emphasis on e-commerce around the world. In layman’s term, e-commerce refers to buying and selling goods over World Wide Web. However, there is more to this interconnected concept of technology and business…
These regulations not only protect the firms involved in online transactions but also the cardholders from being exploited by the online frauds. Such compliance requirements have posed new challenges as to how to minimize compliance costs and continuously monitor the security systems to stay ahead of web criminals. Nevertheless, the benefits seem to surpass the costs associated with these regulations. Table of Contents Executive Summary 2 Table of Contents 3 Introduction 4 Facts of the Case 5 Andrews’ Options with Bank 6 Advantages of PCI DSS Compliance Advisor 10 Conclusion 11 References 13 Bibliography 15 Introduction A few years back the fraud in payment cards was conducted by small time criminals who used to take the advantage of opportunities as they came along. However, today it has become a well organized crime where sensitive customer information is stolen and ruthlessly exploited, affecting millions of cardholders and retail businesses. Considering this the PCI DSS were introduced. PCI refers to ‘Payment Card Industry’ and DSS to ‘Data Security Standard’ (Carpenter, 2010). ...
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