News from the Wire

US Payments Forum Provides Comprehensive Primer on EMV Payment Tokenization

Tuesday, July 16, 2019 — 11:59:55 (EDT)

PRINCETON JUNCTION, N.J., July 16, 2019 (GLOBE NEWSWIRE) -- Last year saw a 126% increase of stolen records containing personally identifiable information (PII), including payment data. Many organizations interested in protecting payment data are now implementing tokenization as a tool to reduce opportunities for fraud. To help, the U.S. Payments Forum has released a resource examining the use of EMV payment tokenization to protect payment card data.

The white paper, “EMV Payment Tokenization Primer and Lessons Learned,” can be downloaded at www.uspaymentsforum.org/emv-payment-tokenization-primer-and-lessons-learned/.

“Tokenization provides an important layer of payment security by replacing valuable data with a token that has no exploitable meaning – but it also has implementation considerations across the ecosystem,” said Randy Vanderhoof, director of the U.S. Payments Forum. “The information in this resource will help organizations make informed decisions on EMV payment tokenization and determine whether it fits into their payment security strategy.”

This resource provides a primer on EMV payment tokenization and covers:

The different forms of tokenization Use cases for EMV payment tokens across various channels Stakeholder roles and impact on merchants Payment tokenization provisioning and processing flows Lessons learned from implementing EMV payment tokenization as specified in EMVCo Payment Tokenization Framework v1.0

This resource was created by the Forum’s Mobile and Contactless Payments Working Committee. The committee’s goal is to explore the opportunities and challenges associated with implementation of mobile and contactless payments in the U.S. market, identify possible solutions to challenges and facilitate the sharing of best practices with all industry stakeholders.

Additional resources created by the Mobile and Contactless Payments Working Committee include “Mobile and Contactless Payments Requirements and Interactions” and “Mobile and Digital Wallets: U.S. Landscape and Strategic Considerations for Merchants and Financial Institutions.”

TWEET THIS: #Payments orgs are turning to #tokenization to reduce payment card fraud. For more info on #EMV #payment tokenization the @USPaymentsForum released a primer including use cases & lessons learned from implementation: www.uspaymentsforum.org/emv-payment-tokenization-primer-and-lessons-learned/

About the U.S. Payments Forum The U.S. Payments Forum is a cross-industry body focused on supporting the introduction and implementation of new and emerging technologies that protect the security of, and enhance opportunities for payment transactions within the U.S. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on, and have a voice in the future of the U.S. payments industry.

Contact: Adrian Loth Montner Tech PR 203-226-9290 aloth@montner.com

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Source: Company press release.