TCH: Tokenization Removes Fraud Risk From Account-to-Account Transfers
There’s a fundamental vulnerability within the great digital shift, amid the contactless payments, the digital wallets, the new and mobile ways in which we pay:
Sensitive account information — who you are, where you live, the data that makes you, well, you — travels right alongside the transaction.
The myriad data breaches that seem to make headlines on a daily basis only underscore the fact that fraudsters are still in hot pursuit of data.
In an interview with PYMNTS’ Karen Webster, Russ Waterhouse, the executive vice president of product and strategy with The Clearing House, noted that tokenization keeps that data from fraudsters. And gives the consumer better control over their financial interactions, transacting with ease and peace of mind.