ABA’s Center for Payments and Cybersecurity today debuted a new infographic explaining tokenization in an accessible way. Tokenization, a technology used to make payments more secure, is employed in new mobile payment technologies like Apple Pay.
The infographic explains that a token is a unique, one-time-only number issued by a payment network that allows payments to be processed without allowing cyber criminals an opportunity to intercept personal card data. The infographic illustrates how tokens are issued, how a tokenized transaction works and why tokens are useless if stolen.
Bankers are encouraged to use the infographic to educate their customers and employees about tokenization — an innovative technology that banks use to protect their customers from fraud.