Sometimes simple measures can make all the difference in the security and longevity of your business. Data breaches can cost your company thousands if not millions of dollars.
Replacing compromised cards can cost businesses $20-$100 per card depending on the severity of the charge. Business owners can protect their sensitive information by implementing Tokenization.
Tokenization protects the sensitive card information by generating a customized code of numbers or a token to hide information from hackers. These tokens are stored and used to authorize payments versus storing the sensitive card information itself. According to PCI Compliance Standards tokenization or end-to-end encryption can help to protect card information and stay within compliance standards.
Online retailers should definitely take interest in tokenization practices. Since the implementation of EMV, online fraud has increased 11 percent. Retailers stand to lose great portions of revenue due to security breaches. Tokenization gives online retailers increased defense against hackers and other forms of online fraud.
There are many ways for business owners to implement tokenization based upon their individual needs. Some POS systems have tokenization already integrated; others require the use of the payment gateway to activate it. Business owners should speak with their payment services providers to get a better scope of what they need to implement tokenization successfully.
If you would like assistance with tokenization, or looking for other best practices to protect your business contact a representative at TransNational Payments to get your business and security needs met.