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cessing simple and efficient. The history of the credit card dates back to the 1900’s when oil companies and proprietors created their own credit card as a means of obtaining customer loyalty and improving customer service. However, as with advances in technology, the credit cards have evolved from having just encoded magnetic stripes to modern day Chip and PIN cards, with embedded microchips, which can store and transmit data. These Chip and PIN cards were developed to provide an inter-operative system that would combat card fraud (counterfeit and plastic cards). This transaction processing infrastructure has enabled the cash-less revolution, whereby consumers, governments and businesses benefit from the electronic payment network, which has shifted payments by cash and cheques to an efficient electronic payment system.

The mechanics of a credit card transaction is such that the merchant acquirer, usually the bank processes transactions on behalf of the merchant. This payment by credit card represents an offer for issuance of payment in exchange for the goods or services provided by the merchant, (Transaction Processing). There are two parts to this type of transaction processing: the first is front end processing which involves the capture of data messages across communication channels to the point of sale devices; and secondly the back end processing which involves the balancing of accounting information by acquirers and issuers and the submission of the payment to the acquiring merchant’s bank.

As a result of the rapid advances in technology, data security continues to be a major concern as every transaction that involves the transmission data across networks is open to external attacks. Attacks on a consumer’s card information can come from any angle, whether it may be data thieves or network intruders. The Payment Card Industry Security Standards Council (PCI SSC), which comprises of major payment brands namely VISA, MasterCard, Discover and a few others, have created global compliance standards to protect cardholders’ data. These set of standards help govern and educate all merchants and organisations that process, store and transmit data, as well as the manufactures of the devices used in transaction processing.

The PCI SSC (2010), Data Security Standard Quick Reference Guide, as summarized below, outlines the best practices for protecting cardholder data:

Develop and Maintain a Secure Network

Install and maintain firewall configuration to protect cardholder’s data.

Do not use vendor-supplied defaults for system passwords or other security parameters.

Protect cardholder’s data

Protect stored data

Encrypt transmission of cardholder’s data across open public networks

Maintain a vulnerability management program

Use and regularly update anti-virus software or programs

Develop and maintain secure systems and applications

Implement strong access control measures

Restrict access to cardholder data by business need to know

Assign a unique ID to persons with computer access

Restrict physical access to cardholder data

Regularly monitor and test networks

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