Fintech Provider Quavo Fraud & Disputes Announces Completion Of Third-Party PCI Assessment

By AIT News Desk On Sep 17, 2021

Last month, fraud and dispute SaaS provider Quavo, Inc. announced the company completed a third-party Payment Card Industry (PCI) Data Security Standard Requirements and Security Assessment Procedures. Completing this assessment reinforces Quavo’s commitment to security and compliance, confirming that all requirements were achieved based on the security standards set by the PCI council. The announcement comes as part of Quavo’s dedication to executing the magnitude of their client’s security and safety.

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements intended to ensure that companies that process, store, or transmit credit card information maintain a secure environment. In August 2021, the Quavo infrastructure team dedicated time to achieving the Attestation of Compliance for Self-Assessment Questionnaire D – Service Providers for use with PCI DSS Version 3.2.1. As of August 20, 2021, Quavo received validation that the company demonstrated full compliance with the PCI DSS.

Nick Facca, Quavo’s Director of Technology, detailed the significance of accomplishing the attestation of compliance for PCI DSS and what this means for the company. “By securing our PCI compliance report, we have emphasized the separation of duties and controls in place for who is accessing cardholder data and making changes in our production environments. We have increased controls around cardholder data, ultimately reducing fraud within our organization and the opportunities for outsiders to infiltrate our environment. Our infrastructure team works diligently to assure the importance of client’s data security.”

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The Quavo team has stressed the significance of confirming procedures and security protocols are in place. In addition to the recent completion of their SOC 2 Type 1 Compliance Certification and verification of PCI Compliance, the company is currently devoting time to fulfilling their SOC 2 Type 2 Observation Period.

“After completing our SOC 2 Type 1 compliance, we continue to improve our brand reputation. We are incredibly excited to announce we have received our PCI Data Security Standard Attestation of Compliance. PCI DSS serves as a globally accepted standard for security frameworks and will further assist us in protecting against potential data breaches. We look forward to putting the new framework to good use and giving our clients the peace of mind that their data continues to be safe in our hands,” said Co-Founder and Managing Partner Daniel Penne.

Quavo is the world’s leading provider of cloud-based dispute management solutions for financial institutions and Fintech organizations. Quavo offers turnkey, automated software solutions for disputes with complete Reg E and Reg Z compliance. Quavo’s premier software solutions are QFD™ and ARIA™. QFD automates fraud and dispute processing workflows, from intake to case resolution. Our fraud management AI, ARIA, conducts the investigation process to reach decisions as a human would, in a matter of seconds. Quavo also provides add-ons to the QFD software, namely Dispute Resolution Experts™, our human intelligence service.