Why Tokenization Will Be Key in Protecting Your Payment Data
Card fraud at the Point-of-Sale (POS) has been on the rise as the security chip provides little protection for data stored after the purchase, and especially when mobile payments are factored in. This is where tokenization becomes relevant. Enticing Targets for Cyber Thieves. The end of 2013 through to 2014 was a difficult time for merchants and data security. Huge corporations like Target and Home Depot experienced significant data breaches, leading to millions of compromised card numbers. In both cases, the numbers were most at risk while “at rest,” – sitting on a server. Although these....
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Bitcoin has a leg up over its competitors in this regard. The cryptocurrency is a peer-to-peer solution, and protects user information from harm. Tokenization will play a fundamental role in the future of omnichannel payments. Wallets and payments are transforming rapidly, and there is still plenty of growth for competition. But with tokenization to keep payment data safe, consumers will be far less willing to embrace new solutions. Bitcoin has a leg up over its competitors in this regard. Consumers are eager to try new payment methods, but they are also more aware of how their personal....
On Tuesday afternoon at the Money 20/20 conference in Copenhagen, a panel of industry leaders discussed the ongoing trends towards the tokenization of financial data and their respective involvements in these endeavors. Tokenization is growing in popularity among payment processors and their clients alike, and there are a number of overlapping ideas with how the Blockchain obfuscates sensitive information while still making information accessible for applicable parties or use cases. MasterCard in particular wants to capitalize on this trend, stating that they would be integrating tokens....
Jeremy King, the international director of PCI Security Standards Council, laid out five major trends in payments in 2017 to look out for. Four of the five trends revealed by King involved Blockchain technology, with Internet of Things (IoT), Blockchain payments, tokenization and encryption included as major trends for next year. Tokenization, Encryption, Blockchain Payments, IoT. According to King, five major trends will dominate the payment industry in 2017. The five trends are IoT, Blockchain, tokenization, encryption and mobile payments, all of which seems to involve Blockchain....
One small step for Apple... There are moments when technologies break into popular discussion. Often it takes a big company incorporating something new into a product launch. Using their brand and their voice, they introduce the world to a concept that technologists have known about for years. Apple did that last week. They may, in fact, have done it a few times last week. But they definitely did it for the concept of "tokenization." In outlining the security and privacy features of Apple Pay, Apple SVP Eddy Cue introduced the average consumer to the idea that our personal information,....
This last year there have been a large amount of financial data breaches in various banks and retail chains. Visa CEO Charles Scharf recently spoke about changing the way the credit card networks send and receive transaction data. What Visa is going to do is use a token system for transactions to close one more channels where data can be stolen. Charles Scharf was quoted on Pymts.com as saying: "Tokenization has opened up this whole world for us to be able to use digital devices to be a meaningful part of the payments flow in a way that (those payments) wouldn't have in the past," Scharf....