PCI ComplianceThe Payment Card Industry (PCI) Security Standards Council has developed a set of financial and information technology standards, called Payment Card Information Data Security Standards (PCI-DSS), to protect credit cardholders' data. These standards govern all merchants and organizations that collect, process, store, or transmit credit card information.
By July 1, 2010, banks must ensure that their credit card merchants (Baylor) use only payment applications that are compliant and that the use of these applications follow strict requirements. In addition, Baylor itself must be PCI compliant, which involves stringent standards regarding manual and electronic handling and processing of credit cards. Failure to comply with the standards may result in fines and/or penalties being assessed against an organization. In the event of a credit data compromise, the credit card association may levy fines of as much as $500,000 and $25 per card compromised. In addition, there would be a number of other costs associated with such an information breach. In certain cases, an organization could have its ability to process credit cards terminated.
Because of the proliferation of credit card acceptance locations throughout the University over the last few years, Baylor is at considerable risk in this area. A recent review of card acceptance processes in a number of departments identified inconsistencies in processing card information. To standardize across the University and provide a formal point of contact, a Payment Card Oversight Committee has been established. This Committee will coordinate ongoing reviews of the University's current credit card systems and processes, develop a credit card policy and procedures, and retain a consultant to assist with the University's required PCI certification.
JT Lloyd, Associate Director of Cashier Services, is the primary functional contact for Baylor's credit card processing and services. If you have questions or need additional information about credit card processing in your department, please contact Mr. Lloyd at JT_Lloyd@baylor.edu or at (254) 710-3127. He will coordinate your questions or requests with the Payment Card Oversight Committee, as needed, and provide you with a response.