When asked why he robbed banks his entire adult life, Willie Sutton just said, “Because that’s where the money is.”
Criminals like Sutton are still targeting banks, to be sure. But since his death in 1980, a new breed of holdup men is stalking the globe. Rather than guns in bank lobbies, they’re using 0s and 1s on the Internet. Indeed, the $2 million Sutton robbed over his lifetime pales in comparison to current Internet crime statistics.
The continuing rise of Internet crime – along with the increasing sophistication of computer hackers and money launderers – is why PayLease is so committed to Internet safety and financial services compliance. After all, it’s not our money we’re moving. It belongs to you and your residents. PayLease has an obligation to protect it.
Earlier in 2013, PayLease made a major commitment to Internet safety by achieving Payment Card Industry (PCI) Data Security Standard (DSS) Level 1 compliance. PCI-DSS Level 1 is the most stringent set of requirements designed to ensure that companies that process, store or transmit credit card information maintain a secure environment. PayLease took the extraordinary step of complying with 12 specific requirements for system integrity maintaining data security. PayLease even chose to exceed those standards, opting not to maintain any consumer credit card account numbers in its system.
PayLease has taken similar steps to prevent potential abuse of its system by money launderers. Money laundering risk in the property management payments sector is low. But maintaining a robust anti-money laundering policy and procedures to protect our system are part of our commitment to you and your residents.
If you’re not using PayLease to process your property management payments, consider asking your processor about their data security standards and compliance programs. If you are a PayLease client, we’re happy you’re with us. You can be sure we’re working hard to protect you and your residents.