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Why should we use #tokenization to keep our data secure? @tokenize_it

 

February 11, 2019 (Investorideas.com Newswire) It shouldn't be a mystery that a lot more information and data is being allocated online every day. Though the general public is either alarmed about it or careless. Experian took it upon themselves to research on this subject. What the information business was able to retrieve in the United States only, showed not so good results, almost fifty percent of the organizations under study had security issues or breaches in the las 10 months.

These days, customers are oriented more and more to evolve their financial behaviors and include activities such as digital banking and financial technologies -like virtual currency, mobile payments, peer-to-peer payments and mobile wallets- tokenization is one of the most important new technologies merchants can leverage to contain cybercriminal access to the customer's payment information.

What does tokenization bring and why is it important for any business that accepts credit and debit cards?

Tokenization reassigns a consumer's personal account information with what they call a"surrogate" number, such as what the call "a token". This token is not the same number shown on the card along the expiration date. It does not tie back to the account owner, or correlate this to his/her account, other than for use by the intended parties involved in transaction processing.

Usually the card holder is not aware that such "token" has been assigned to his/her card or know what the token represents. At the same time, the token should not change the customers experience during the time when the transaction is taking place.

IN the case of mobile wallets, which house any number of customer accounts within the mobile wallet, tokenization will ensure that a customer's card information is not permanently stored on a mobile provider's server, one that could be hacked. A breach isn't totally prevented, but the probabilities decrease in large numbers.

Though the payment industry constantly improves their own security methods and take further steps such as tokenization, rest assured that an added layer has been included in the new EMV smart cards industry in the US. Tokenization is an added layer of protection in payment processing.

EMV Payment Tokenization Specification Framework" address security for "card present" transactions" (when the customers is making physical use of the card to make a payment).

Tokenization can prevent the fraudulent use of account data during processing and data transmission; including payment transactions initiated at a point of sale, in e-commerce, and those that use emerging payment technologies like mobile or digital wallets.

Tokenization involves a "payment ecosystem" that is dependent on communication between the merchant payment terminal, the acquirer, the payment network, the token service provider and the card issuer. Nevertheless, merchants that benefit from tokenization do not need to adjust their processes at the point of sale.

Discriminate and choose providers carefully, make sure they use tokenization in their transaction processes.Tokenization transmits customer data securely, and is an important tool that will protect your business from a potential breach. Tokenization may sound like a complex technology, but most of the work takes place on the back end. Lastly, just choose a provider that guarantees tokenization is installed in transaction processes to mitigate risk and enhance payment security.

http://tokenizeit.cr

Be sure to check the WISE white paper at http://www.wise.cr

watch video

https://www.youtube.com/watch?v=72RhU2NiaW0



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