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Tokens may be the answer to mobile commerce security

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Tokenization is becoming a top priority in the mobile commerce space

Tokenization is becoming a very important concept in the mobile commerce space. As this sector continues to grow, it is becoming a more attractive target for malicious groups. These groups sometimes attempt to steal the financial information of consumers in order to make fraudulent payments. Security has long been an issue that has plagued the mobile space, and now that payments have become mobile-centric, securing payment platforms is becoming a major priority.

Event will highlight the potential of digital tokens in the mobile commerce space

The issue of tokenization will be highlighted at the upcoming Cartes Secure Connexions 2015 event. Tokenization involves replacing financial information with digital tokens, which serve as a way to authenticate a mobile transaction. Each token is unique to the person making a transaction and a new token is generated for each transaction being made. Companies like Visa and MasterCard have thrust tokenization into the mobile commerce space, claiming that digital tokens are very effective at keeping consumer information safe from exploitation.

Digital tokens could be the perfect security solution

V.me Visa mobile commerce paymentsDigital tokens are being heralded as the fail-safe protection that mobile consumers need when making payments with their devices online and in physical stores. While claiming that a security solution is fail-safe can be a risk in itself, these tokens have proven to be quite resilient against various forms of attacks, making them a very secure element in the growing mobile commerce space. Understanding how these tokens work and how they will continue to evolve is becoming a hot topic among organizations involved in mobile payments.

Tokens could alleviate some of the security concerns that consumers have regarding mobile commerce

The rapid innovation of mobile payment systems has had an effect on the security space. As new platforms have emerged, security solutions have had to evolve at a rapid pace in order to keep up with threats. These threats have made many consumers shy away from mobile commerce, but tokenization may be the solution that drives more people into the mobile payments world.

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One Response to "Tokens may be the answer to mobile commerce security"

  1. Ulf Mattsson says:

    I agree that “tokens have proven to be quite resilient against various forms of attacks, making them a very secure element in the growing mobile commerce space.”

    I that tokenization is the single biggest change in payments and I think that data tokenization in general is bigger than that.
    Tokens should also be used as the new approach for securing all sensitive identifying personal data.

    We know that highly sophisticated malware was used in many recent attacks. McAfee Labs researchers have analyzed threats and seen a steady growth in malware. Sophisticated malware can be difficult to detect and poses as approved legitimate software so we need to protect the data itself, against the new memory scraping malware, in transit, at rest and even in use in computer memory.

    Recent studies reported that data tokenization can cut security incidents by 50 %. I think it is time to secure the sensitive data in the entire data flow with modern approaches.

    Ulf Mattsson, CTO Protegrity

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