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Are there fines associated with non-compliance of the PCI Data Security Standards?

April 26, 2017associated Data fines non-compliance PCI security Standards

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Are there fines associated with non-compliance of the PCI Data Security Standards?

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Yes. Visa and MasterCard may impose fines on their member banking institutions when merchants do not comply with PCI Data Security Standards. You are contractually obligated to indemnify and reimburse us, as your acquirer, for such fines. Please note such fines could be significant.