The Internet of Things (IoT) has made it easier than ever to make purchases. The convenience of IoT combined with the increased threats of cybercrime creates a perfect environment for potential fraud. Find out how tokenization can help protect your credit union members.
In 2017, 1.6 billion people made purchases online amounted to over $2.3 trillion. The Internet of Things has made digital shopping even simpler. Smart devices have allowed retailers to use data to increase their sales and heighten the customer experience.
However, with the increase in online shopping, the risk of fraud also rises. Tokenization can help combat cybercrime and fraud risks by adding an additional layer of security. Visa Token Services (VTS) allows credit unions to offer their members a safer way to shop online and with their mobile devices.
In five simple steps, the Visa token is initiated.
- Your members enroll in your Visa Token Services by entering their primary account number (PAN), security code and payment account information.
- Next, the digital payment service provider requests a token from Visa from the account that is enrolled to make a payment.
- Then Visa shares the token request with the issuer. For example, Visa would share the information with the member’s credit union.
- The issuer will approve, and replace the member’s PAN with a token or a unique digital identifier.
- Finally, Visa shares the token with the requester for either mobile or online payments. These payments can be limited to a specific device, merchant or number of purchases before it expires.
Member Access Processing (MAP) has partnered with Visa and can offer credit unions tokenization services to provide to their membership. In addition VTS, MAP also offers other digital payment solutions to protect your member’s account information. These services include the mobile payment app, card controls, and custom alerts.
Visa credit cards are another product MAP offers that will appeal to your membership and has security benefits. Our Visa cards provide innovative fraud detection services, state-of-the-art business intelligence, and analytics, full and shared service dispute processing, as well as free training for the life of the contract. The Visa card solutions also come with turn-key marketing solutions to help spread the word to your membership about your card program.
Whether you are interested in learning more about tokenization, ready to implement it or want to discuss strategies, MAP is here to answer any questions you may have. Contact us today.