Quickly! Once the relevant documentation is provided, the requests for payments will be processed. Assuming that the documentation is in order, the request should be processed within thirty days.
To report a data compromise you simply have to call the RGS Claims Department at (888) 545-7133. You will be asked to provide the following items: (1) the notice from the card brand or acquiring bank that stipulates there has been (or there is the suspicion of) a data breach at your covered location; (2) [...]
If a merchant account is certified to be PCI DSS compliant, does it still need to be in the Program?
Yes! Certification of PCI DSS compliance is not a guarantee that a breach will not occur. The analogy that best describes the situation is this: “You can have the best alarm system in the world, but it is useless if you don’t turn it on.” Also, the Program covers employee theft and the physical theft [...]
If the transaction processing system used with a merchant account does not store magnetic stripe data, can it still have a data compromise?
Yes! While it is true that merchant accounts that store magnetic stripe data are the most vulnerable, there are a number of other risks. For example, missing or outdated security patches, using vendor supplied default settings and passwords, SQL injections by hackers, unnecessary and vulnerable services on your servers, stolen receipts, stolen computers, employee theft, [...]
Absolutely, 90 percent of card data breaches occur at small businesses with less than 1 million transactions a year.
No. However, if a merchant account experiences a breach, the merchant account must become compliant before that merchant account can participate in (or re-enter) the Program.
Any Level 2, 3, or 4 merchant account is eligible, provided it has not already suffered a data compromise. Level 1 merchant accounts are not eligible for this protection.
The Newtek Breach Protection Program provides protection on a per-merchant account basis but an incident and annual limit of $500,000 does apply to a merchant agreement with ten or more protected merchant accounts.
There is NO deductible!
The maximum protection is $100,000 per incident, for each merchant account.