As consumers increasingly rely on cashless spending, the PCI SSC has identified a process to secure cardholder data. Acceptto CEO Shahrokh Shahidzadeh discusses why it’s time to replace password-based credentials.

According to a recent study by the PEW Research Center, consumers in the U.S. are relying less on physical currency. The report found that “roughly three in 10 U.S. adults (29 percent) say they make no purchases using cash during a typical week.” In addition, a generational trend shows that “Americans under the age of 50 are more likely than those ages 50 and older to say they don’t really worry much about having cash on hand.”

As American consumers increasingly rely on cashless spending, it is no wonder that the Payment Card Industry Data Security Standard (PCI DSS) arose to develop a set of requirements applying to companies of any size that accept credit card payments.

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https://www.corporatecomplianceinsights.com/businesses-must-go-beyond-multifactor-authentication-to-achieve-pci-compliance/