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[Music] hello and thank you for participating in today's bkd webinar payment card industry compliance our presenter today is Rex Johnson Rex has more than 25 years of IT business and leadership experience his areas of expertise include cybersecurity data privacy IT governance project and program management Enterprise Risk Management security management and operations internal and external audit regulatory compliance and controls assurance he has served as a trusted advisor for executive management and Illya is on between IT internal audit and external auditors he has led teams to address security risk and develop long-term sustainable solutions again thank you for participating in today's webinar now I will turn this over to Rex Johnson well hello everybody this is Rex Johnson I've got Johnny Sanders with me today we're gonna talk to you about payment card industry compliance or PCI we appreciate everybody joining you know Johnny one of the most interesting things out here is that credit cards are the most frequently available item on the dark web they account for most of the instances of identity theft and Johnny do you know what the have you noticed over the past few years those little chips that you have on credit cards now absolutely you know what those are called I don't know the proper term for that chip actually it's called EMV and that stands for a European MasterCard and Visa these were put out because there was a lot of problems with people making fake credit cards so it's a security measure that was put in overseas first in order to help decrease the amount of credit card fraud so it worked for a while however we're finding that a lot of credit card fraud is now based on hard not present transactions so basically with that with the EMV chip being announced over in the United States we saw that card present fraud card-not-present fraud rather rose by 7 percent these Olding into two hundred forty two point 1 million dollars in losses but the funny thing Johnny is that even with all that money the only account they only sell for about a dollar a piece on the dark web so let's talk about how PCI compliance came about so many years ago the payment card brands elected to have a standard so you can see this card brands here on the slides the the founding members were mastercard visa discover american express and JCB which is an overseas card and in japan and they basically came together and said there needs to be some sort of standards that's implemented for us to make sure that our customers are safe and so they created this thing called the payment card industry data security standard so you see the PCI DSS that's what that stands for and this allows an organization to accept card payments or if they accept card payments and they store and process those or transmit it they have to meet these PCI...