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Today, we can tokenize anything from credit card primary account numbers (PAN) to one-time debit card transactions or socialsecurity numbers. As a merchant, to understand tokenization for your own benefit, it’s critical to understand: What tokenization is, why it’s important for payments, and how it compares to encryption.
Virtually every industry faces data breach risks today as sensitive information gets digitized and networked across cloud platforms. But some data types see higher breach rates than others.
Moreover, companies need to follow data privacy and compliance requirements to stay in business. There are various methods of enforcing datasecurity, such as data masking, encryption, authentication, and data tokenization. The resulting token is essentially a proxy and has no real value.
Our software partners transmit merchant data to our APIs using Transport Layer Security (TLS) encryption. TLS encryptsdata during transit and offers enhanced security features to combat man-in-the-middle (MiTM) attacks. The encrypteddata is then written to our database. We implement TLS 1.3,
It’s shocking that a company of Yahoo’s size and long history could fall prey to such attacks and that there were no countermeasures, such as dataencryption, in place to prevent them.”. SocialSecurity numbers were exposed in more than half of all breaches last year.
An incident is only considered a data breach if the confidentiality of data is compromised. Sensitive or confidential data can include customer data records, bank account numbers, SocialSecurity numbers, healthcare information, intellectual property, etc.
sanctioned countries Security Features Highly secure with financial industry standards, encryption, and strict protocols Enhanced security with proof of identity required Best for Recurring bills, payroll, government transactions, B2B payments High-value transactions, urgent payments, international transfers What is ACH (Automated Clearing House)?
Compliance with Industry Standards Your business should comply with industry bare minimums like Payment Card Industry DataSecurity Standard (PCI DSS). PCI DSS compliance sets industry requirements that safeguard payment card data using encryption, firewalls, and regular security audits. Stay informed.
For example, while using format-preserving encryption to mask a socialsecurity number adds a significant level of security, an organization may not pursue it due to layers of complexity and cost to the application required to decrypt it. Well get into encryption a bit more, later).
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