LGMS TO DEPLOY E-PAYMENT COMPLIANCE PLATFORM WORLDWIDE

KUALA LUMPUR, March 16 (Bernama) -- LGMS Bhd is planning to deploy its Payment Card Industry (PCI) Compliance Wizard (Wizard) platform globally to further strengthen the security of e-payments for consumers and businesses worldwide.

The solution ensures that merchants are in compliance with the PCI Data Security Standard (PCI DSS), an information security standard used to handle credit card transactions from major card brands, formed in 2004 by Visa, MasterCard, Discover Financial Services, JCB International and American Express.

“Without the protection that PCI compliance brings, merchants could be vulnerable to costly attacks and data breaches.

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“For non-compliant merchants, should a data breach occur, they could even face paying penalties ranging from US$5,000 (US$1 = RM4.50) to US$500,000," said LGMS executive chairman Fong Choong-Fook in a statement today.

The platform simplifies the compliance process via step-by-step guidance, serving as a one-stop solution for all PCI DSS mandated technical assessments and gives merchants the ability to monitor their branches' postures, centralised and secure storage for PCI DSS compliance evidence.

According to LGMS, one of Malaysia's leading cybersecurity groups, the platform also serves as a user-friendly tool for environmental, social and corporate governance (ESG) data collection purposes.

Fong added that LGMS will deploy the platform worldwide by partnering with banks and payment gateways globally.

To kickstart its deployment plans, LGMS has partnered with GHL Systems Bhd (GHL), Asean’s leading local non-bank acquirer and payment solutions provider -- a partnership which is set to bolster cybersecurity in Malaysia and the cashless economy.

“This collaboration aims to simplify the process for merchants to be PCI-compliant, while giving them peace of mind that their cyber risks have been substantially reduced," said Fong.

GHL Systems Malaysia chief executive officer Kevin Lee said the partnership with LGMS would benefit its merchant ecosystem, encompassing more than 145,000 payment touchpoints in Malaysia.

“The PCI DSS security standards ensure that all companies that accept, process, store or transmit credit card information maintain secure environments at all times," he said.

Instead of having to assess merchants manually, GHL will be able to better monitor merchants’ security posture and track merchants’ yearly PCI DSS compliance status and progress, while having in place an automated tracking and reminder function for merchants’ PCI DSS compliance cycle.

According to LGMS, although the PCI DSS is mandated by major card brands to better protect cardholder information and reduce credit card fraud, it is believed that a substantial number of merchants are still non-compliant across Malaysia.

-- BERNAMA