Posts Tagged ‘tokenization’

Visa to make credit card theft harder for thieves

Wednesday, July 21st, 2010

Visa has launched best practice standards for a new process known as tokenization, which could help prevent credit card theft – a task that is becoming more and more important, since this area of theft is growing every day.

The system replaces consumer information on payment records with random digits that hide credit card account numbers. The hope is that this will deter or prevent criminals from stealing credit card numbers.

“Where properly implemented, tokenization may help simplify a merchant’s payment card environment,” said Eduardo Perez, Visa head of Global Payment System Security.

The best practices provide merchants and companies with advice on how to implement tokenization for maximum effectiveness. That includes generating the token numbers, mapping them and setting up a place to store the information to keep it safe from fraudsters.

Not every merchant will use this type of system to hide credit card numbers, however. As a result, consumers may have to take identity theft protection into their own hands.

Along with monitoring monthly statements for any suspicious activity, people are advised by the Federal Trade Commission to properly dispose of old statements and associated paperwork by shredding them.

To be proactive in protecting your personal information, call LifeLock today. LifeLock can monitor the Web for any fraudulent activity with your information, and will notify you immediately if any such activity is found.

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