The Internet has rapidly surpassed other forms of global communication over the past decade due to its wide availability, low cost, and ease of use. Yet the business leaders sought more than just communication to keep their companies globally competitive.
All they wanted was a quick and easy way to transfer money. As a result, financial organizations such as banks collected and created “online payment systems”, such as credit and debit card systems, digital wallets, internet banking systems, etc.
Those who want to learn more about the three technologies should start by reading this article.
By combining EMV chip technology, tokenization and encryption security solutions, companies that accept credit and debit cards can protect themselves against new and evolving fraud risks.
There are several security solutions that players in the payment industry can use to protect their operations and the customers they serve. This white paper shows how using chip technology, tokenization and encryption together can strengthen the security of the financial system and reduce the prevalence of card fraud. Different parties involved in payments have different stratification needs, based on their own goals, circumstances and resources.
We recommend implementing these three technologies for a secure payment option:
- The adoption of counterfeit cards is hampered by chip technology, which increases the security of a financial transaction through cryptographic card authentication. Cardholder authentication and multi-transaction authentication methods are also included in the EMV standard.
- To prevent illegal use of credit card information, encryption techniques, including end-to-end encryption (E2EE) and point-to-point encryption (P2PE), can encrypt data as soon as it is created (during a card swipe, entering keys, tap or insert).
- Tokenization, in which card information is exchanged for surrogate values (“tokens”) that are useless to anyone outside the intended merchant or acceptance route.
- Price swings in Bitcoin and other cryptocurrencies are a regular source of headlines. Did you know that Bitcoin is more secure than other types of currency systems? Bitcoin works, why it is relatively safe and how to protect your digital assets. This can be done using a third party platform such as: Quantum AI or Coinbase.
The benefits of using chips for payments, as well as the factors driving the United States to adopt the technology, are outlined.
Explains end-to-end encryption (E2EE) and point-to-point encryption (P2PE), and provides definitions of each, as well as examples of different encryption systems in the payment industry.
Provides information on tokenization, including the standardization efforts, complementary function for chip and encryption, assurance method for token issuance, and current activities in the payments industry related to tokenization.
Finally, we explore how the integration of these three technologies can help the payments industry to keep financial transactions safe and stop fraud.
Safe money management relies on a system that actually functions as intended. And it aims to give everyone a voice and make digital payments as safe and convenient as possible.
The digital financial transaction system has been redeveloped thanks to data tokenization methods. It has set a new benchmark in the financial industry by providing reliable, fast and secure mobile money solutions for your business.