Credit Card Tokenization
Tokenization

Tokenization

 

“Tokenization is the process of replacing sensitive data with unique identification symbols that retain all the essential information about the data without compromising its security”.

 

NOTE: The Fast Charge Payment Gateway offers FREE Tokenization Services for Payment Gateway Merchants using The Fast Charge Payment Gateway!

Payment card industry (PCI)  standards do not allow full credit card or debit card numbers to be stored on a retailer’s credit card terminal, point-of-sale (POS) terminal, on it’s website, e-commerce system, or in its databases after a transaction. To be PCI compliant, merchants must install expensive end-to-end encryption systems or outsource their payment processing to a service provider who provides a “tokenization option.” The service provider handles the issuance of the token value and bears the responsibility for keeping the cardholder data locked down.

How does Tokenization work?

Tokens have no meaning by themselves and are useless to criminals if your company’s system is compromised in any way.

For example:
An actual card number 4133 9584 5472 6874 becomes the token value BADTAEGHV234AUD56874. Format emulating options are also available.

Because it is not “cardholder data,” a token can be safely transmitted through your network between various applications, databases and business processes while the sensitive data is securely stored and encrypted in the Fast Charge Payment Gateway.

The Fast Charge FREE Tokenization Service (Stored Profile) feature allows the merchant to process credit cards, debit cards and ACH transactions without the need to store sensitive and confidential customer information. Storing sensitive information requires secure servers, in addition to various certifications, and leaves you open to hackers. The User Profile will make the transaction experience safer for the merchant and easier for the customer.

Features include the ability to:

1. Store Profile Transaction Types.
2. Create and Store a Profile.
3. Process a Transaction Using the Stored Profile.
4. Delete a Stored Profile.
5. Update the Stored Profile.
6. Perform Pre-Authorizations, Sales and Capture.
7. Issue Credits using the Stored Profile.
8. Retrieve transaction results of the last transaction.

Depending on the particular implementation of a tokenization solution, tokens used within merchant systems and applications may not need the same level of security protection. Storing tokens instead of account numbers is one alternative that can help to reduce the amount of cardholder data in the environment, potentially reducing the merchant’s effort to implement PCI requirements.

 

The following key principles relate to the use of tokenization:

Tokenization solutions do not eliminate the need to maintain and validate PCI
compliance, but they may simplify a merchant’s validation efforts by reducing the number of system components for which PCI DSS requirements apply.

Tokenization systems and processes must be protected with strong security controls and monitoring to ensure the continued effectiveness of those controls.

 

What are some examples of tokenization being used?

Google Wallet, Apple Pay, Android Pay, Amazon and Paypal all use tokenization to store customer payment cards for future transactions.

 

tokenizations

 

Tokenization can be implemented in isolation or in concert with data field encryption to help merchants eliminate the need to store sensitive cardholder data after authorization. Entities that properly implement and execute a tokenization process to support their payment functions may be able to reduce the scope, risks and costs associated with ongoing compliance with the Payment Card Industry Data Security Standards (PCI DSS).

 

How Tokenization Works
Tokenization defines a process through which PAN data is replaced with a surrogate value known as a “token.” The security of an individual token relies on properties of uniqueness and the infeasibility to determine the original PAN knowing only the surrogate value. As a reference or surrogate value for the original PAN, a token can be used freely by systems and applications within a merchant environment.
Where properly implemented, tokenization allows merchants to limit the storage
of cardholder data to within the tokenization system, potentially simplifying an entity’s assessment against the PCI DSS. As a reference or surrogate value
for the original PAN, a token can be us ed by systems and application
s within a merchant environment without having to consider the security implications associated with the use of cardholder data.

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