The US merchant community recognizes customer security as top priority

Tuesday 29 July 2014 14:39 CET | News

The merchant community in the US has agreed upon the fact that payments security is a top concern, especially for consumer protection and confidence.

The Food Marketing Institute, Merchant Advisory Group, National Association of Convenience Stores, National Grocers Association, National Restaurant Association, National Retail Federation, and Retail Industry Leaders Association have released a statement saying that an open and universal tokenization standard will help ensure sensitive personal information beyond just payment card account-level data will be more adequately secured across other US commerce channels.

The associations and institutes declare there is only one way this can be done, that is through a technology called tokenization.

Tokenization refers to the process of replacing sensitive account data and identity information with a unique token or symbol, making it less vulnerable to a security compromise. Tokens are randomly generated in a secure environment so that no data is stored or transmitted in an unsecure format.

The merchant community also states that tokenization will be a valuable tool to secure data in other aspects of commerce, such as age verification identity checks, and storage and transmission of electronic health records and pharmacy prescriptions.

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Keywords: US, merchant community, customer security, digital identity, web fraud, payments security
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events