Small Businesses Risk Huge Fines For Not Protecting Credit Card Details
EVEN the smallest of small businesses are at risks from hefty fines unless they comply with new regulations, which they may not have heard of.
Previously only large firms had to meet the Payment Card Industry Data Security Standard, which ensures credit and debit card details are kept secure.
But since December 1 last year all companies, no matter what size, were told must meet its strict criteria.
A spokesperson for Expert Market said: “This could have huge impacts on small businesses who may not be aware of the changes. Even a small fine could be enough to shut an SME down in these difficult times.
“It is now a breach of card company policies to hold onto certain data, such as the three digit number on the back of a card. However, again, this could be a condition a small firm may not be aware of, but yet could get fined tens of thousands of pounds.”