Implement tokenization to fight against fraud
In a new white paper, “U.S. Participates in the Global Fight Against Card Fraud,” TMG Product Manager Brandon Bogler and I take a look at what tokenization means for card-issuing financial institutions.
Below is an excerpt from the paper breaking down the first steps of implementing tokenization to supplement EMV in fraud prevention:
As with EMV, the decision to enable a credit or debit card portfolio for tokenization resides with the issuer. It is not a requirement, nor have the card brands issued any mandates. However, we anticipate Visa, MasterCard and potentially others to take a similar stance on tokenization as they have with EMV, namely with the establishment of liability shifts or similar incentives.
So, what does it take to enroll a portfolio for tokenization? Card issuers will be happy to learn there are far fewer decisions to make and steps to take than with EMV implementation.