Securing credit card information is no small task — systems have to be constantly updated to keep up with increasingly sophisticated attacks. They also have to meet a global standard to allow organisations to handle credit cards.
The Payment Card Industry Data Security Standard (PCI-DSS) has 12 compliance requirements to help prevent credit card fraud, which gets stricter as a company grows.
Brisbane-based insurance company Auto & General Holdings (A&G) saw itself in that situation, with recent growth requiring it to become a PCI-DSS Level 2 merchant.
With the help of Sydney-based SecureCo, the company was able to improve its systems to meet that standard within 18 months from first engagement, which was the timeline that their bank placed before facing financial penalties.
The solution allowed A&G to take new and recurring payments without having to capture or store credit card data within the company’s environment. SecureCo captures the information before reaching A&G, allowing a reduction in annual costs and scope due to SecureCo having Level 1 service provider compliance.
SecureCo claims A&G would have ended up paying fines of anywhere between $10,000 to $100,000 for each month of noncompliance without its help.
Aside from the credit card capture solution, SecureCo also provided A&G with a secure call centre, hosting, storage, a payment gateway and tokenisation services.
These services are all integrated into a singular platform with the aim of making the compliance process easier for customers.
“A&G is saving up to 85 percent of PCI compliance cost compared to companies of similar size in market,” SecureCo chief marketing officer Mark Frederikson said.
“It also drives indirect costs savings as internal A&G staff are not caught up in the annual 3 to 6 month audits and can focus on adding value to A&G core business.”
SecureCo is a finalist in the 'Trusted Systems' category in the 2019 CRN Impact Awards. For a list of all finalists and further details on the awards, please head to the CRN Impact Awards hub. The awards take place during the CRN Pipeline conference. You can get more information and purchase tickets here.