PCI’s New Initiative Launched: Securing Payment Cards in the Middle East
The Payment Card Industry (PCI) Security Standards Council is expanding its role to the Middle East, aiming to enhance the security of card transactions in the region. As card-based payments continue to rise, so does payment-card fraud. In response, the PCI SSC has appointed a regional director for the Middle East to collaborate with regulators, financial institutions, and service providers on security initiatives.
The Growing Challenge of Payment Card Fraud
The global volume of card fraud is projected to reach $36 billion in 2024, up from $28 billion in 2020. Although the share of fraud relative to transaction volume will slightly decrease to 6.5 cents per $100, the threat remains significant. Cyberattacks, data breaches, and evolving threats like malware and phishing attempts necessita...