There was a massive data breach where over 1 million credit card details that were leaked on a deep web forum. This included sensitive information like card numbers, expiry dates, CVV, and even personal details like names, addresses, and phone numbers. This is a stark reminder of the risks we face in the digital age.
So, how can we protect ourselves and our customers?
Tokenization is a key solution. Both Visa with its Visa Token Service (VTS) and Mastercard with its tokenization services replace sensitive card details with a unique digital identifier, or “token”. This means that your actual card information is never shared when you make a purchase online, in-app, or in-store.
Benefits of tokenization:
- Reduced Fraud Risk: Tokens protect sensitive information from theft and fraud.
- Enhanced Security: Higher approval rates due to lower fraud risk. Cryptograms add another layer of security with a unique value that verifies each transaction.
- Seamless Experience: Tokenisation simplifies the consumer purchasing experience. If your physical card is lost or stolen, you can continue to use your tokenised card while waiting for a replacement.
- Versatile Usage: Tokens can be used in-store, in-app, and online to make secure digital transactions.
We are completing the integration of these tokenization services and will soon make them available to merchants! We’re committed to providing cutting-edge payment solutions that prioritise security and customer experience.
Let’s work together to create a safer payment ecosystem.
#tokenization #datasecurity #cybersecurity #visatokenization #mastercard #paymentsolutions
Thank you to The PayPers for inspiration