Mutual Trust Bank has recently become the third Bangladeshi bank to receive the certificate for complying with the payment card industry data security standard (PCI DSS) set by Visa, MasterCard, Discover Financial Services, JCB International and American Express.
It has also become the fourth Bangladeshi institution to achieve the certificate for security standards formed in 2004 to fight against data theft and fraud.
Earlier, two banks – City and EBL – and IT Consultants Limited that runs a payment processing consortium popularly known as Q Cash got the certification.
“The certificate is a mandatory for financial institutions that have cards. But most of the banks are yet to take the issue seriously,” said Kazi Saifuddin Munir, managing director of IT Consultants Limited, a certified agent of Visa and Mastercard in Bangladesh.
Even, the central bank should take the PCI DSS certification for ensuring security in its national payments switch, he noted.
PCI certification is also considered the best way to safeguard sensitive data and information, thereby helping businesses build long lasting and trusting relationships with their customers.