New superheroes of payments fraud

first_imgMany credit unions have asked us which is better, tokenization or encryption; or which is more secure EMV or NFC? Focusing on these questions might not be the best approach. All of these technologies are different pieces of the puzzle intended to help fight fraud. Chip cards, tokenized mobile payments, and fingerprint scans all play important roles in making data breaches less valuable to fraudsters, thereby reducing issuers’ costs when breaches occur. Since there is much ground to cover on this topic, we decided to divide the content into three parts. First up, tokenization.Tokenization’s Background and Role Tokenization has become more mainstream thanks to Apple Pay, and subsequently Android Pay and Samsung Pay (a.k.a. the mobile “Pay” wallets). There is a general understanding that tokenization, at least in the FinTech space, means replacing the credit or debit card number (the Primary Account Number or “PAN”) with a number that looks like a different PAN, but is useless outside of that one particular mobile device.Tokenization is not a new technology and it has been in use since the early days of computers. It is broadly defined as the process of protecting sensitive data by replacing it with alias values or “tokens” that are useless to someone who gains unauthorized access to the data. In the realm of payments, it represents one of the best ways of protecting Payment Card Industry (PCI) data. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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