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Visa Brings Token Security to eCommerce

Visa, Inc. (NYSE:V) has announced that it has integrated token technology into Visa Checkout, the company’s online check out service used by merchants and consumers globally to make safe, easy payments in just a few clicks. Visa made the announcement at the Money2020 conference in Las Vegas.

Visa Token Service is a technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual card account details.

Additionally, Visa is working with merchants to apply token technology to “cards-on-file.” These are customer card account numbers that merchants store in their systems to facilitate repeat payments such as monthly subscriptions or billing services.

Today’s announcement, coupled with the transition to EMV® chip technology, the tokenization of mobile payment services, biometrics, and improvements in fraud detection analytics, are all helping to advance payment security for Visa account holders. By working with merchants to integrate tokens into Visa Checkout and tokenize card-on-file accounts, Visa will be paving the wave for its security technology to extend to virtually every type of consumer payment experience – in-store, on-line and in-app.

“Our goal is always to make payments fast, easy and secure,” said Sam Shrauger, Visa’s senior vice president of digital solutions. “This has been a transformative year for payment security with new technologies that bring added protection to consumer accounts while shopping in-store and in-app, and now online, too.”

Visa Checkout issuers and merchants are supportive of the integration, and expressed interest in working with Visa to make tokens available to their e-commerce customers.

“We’re pleased that Visa has added tokenization to Visa Checkout in an effort to keep the payment details of more Visa cardholders safe with advanced security technology,” said Faisal Masud, executive vice president, global e-commerce, Staples, Inc. “Our customers value mobile solutions that let them conveniently, quickly and securely purchase the products they need to run their business.”

“Our highest priority is the security of our customers’ transactions, whether they are paying online or in a physical store,” said Tom Kunz, senior vice president, PNC Digital, PNC Financial Services Group. “That’s why we are working with Visa to integrate their innovative security technology, Visa Token Service, into Visa Checkout on our site. This technology offers greater security and because it can also be used with EMV chip cards, consumers can benefit from this added security feature whether paying online, in-app or in stores around the world and across the web.”

“We are pleased to work with Visa to integrate token technology into Visa Checkout,” said Michelle Moore, head of digital banking at Bank of America. “Bank of America Visa card customers who use Visa Checkout will enjoy even greater peace of mind since this technology will help prevent unauthorized transactions from occurring should their online card information fall into the wrong hands.”

“Our top priority in all aspects of our customer relationships is security, which is why we are working with Visa to extend its token service to the fast growing eCommerce and mCommerce world,” said Dominic Venturo, chief innovation officer at U.S. Bank. “Using tokens helps ensure that the sensitive information found on plastic cards is never shared or stored.”

Visa Checkout: The Easier Way to Check Out

Visa Checkout is an online service from Visa that allows consumers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. With Visa Checkout, consumers can simply enter their username and password, click a button, and complete the purchase.

Since its launch in 2014, more than seven million users have signed up for Visa Checkout accounts. More than 250,000 large and small merchants and over 470 financial institution partners now offer Visa Checkout globally. These represent some of the biggest retailers on the internet, including Staples, Rakuten, Neiman Marcus, Gap, Pizza Hut, Orbitz, Williams-Sonoma and Virgin America.

Visa Checkout is available in 16 countries around the world. These include: Australia, Argentina, Brazil, Canada, Chile, China, Colombia, Hong Kong, Malaysia, Mexico, New Zealand, Peru, Singapore, South Africa, United Arab Emirates, and the United States.

About Visa Inc.

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit, and @VisaNews.

EMV Chip-Card Transition Is Not Silver Bullet, Cybersecurity and Consumer Protection Require Multi-Tiered Approach

October 23 – National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement regarding the recent Europay, MasterCard and Visa (EMV) chip-card transition.


ABA Survey: 94 Percent of Consumers Say Retailers Should Improve Security Systems to Protect Financial Information

October 19 – An overwhelming majority of consumers think retailers should be taking steps to protect consumer data from hackers, according to a new survey released by the American Bankers Association.


EMV Liability Shift Sets the Stage for Improved — Not Infallible — Card Security

By Toni Lapp

The EMV liability shift is upon us, and as of Oct. 1, retailers will be liable for fraudulent transactions if an EMV chip card is presented, but the point-of-sale equipment has not been updated. Yet by many accounts, most Americans do not even know what an EMV chip card is or how it provides enhanced security over magnetic stripe cards. Of those who are aware of the new cards, one survey reported that the majority (53 percent) had not yet received replacement cards.

But one segment of the population is keenly aware of the EMV technology: fraudsters. (more…)

SEC Push on Cybersecurity Focuses on Risk Assessment

September 28 – The SEC’s Office of Compliance Inspections and Examinations has issued a risk alert as it ramps up its second phase of examinations designed to bolster cybersecurity in the financial industries. The first phase kicked off in In April 2014, when OCIE published their initial announcement on the program as part of their vision for improving cyber security for the securities and financial markets.


U.S. Households Worried About Smartphone Security, Report Says

September 17 – As retailers push new credit card and payment technologies to secure consumer data, a Parks Associates industry report finds consumer concerns of data vulnerabilities are widespread across the Internet of Things, including 40% of U.S. broadband households who are worried about the security of smartphones.


Vantiv Launches OmniShield Assure(TM), a New Payments Security Suite to Protect Small and Medium-Sized Businesses

September 11 – Vantiv, Inc., a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, has launched OmniShield Assure, a security bundle designed to assist in protecting consumer card data, significantly reduce the chance of counterfeit fraud and enhance payment processing security to help merchants with PCI 3.1 compliance requirements.


EMV Migration Forum and Payments Security Task Force Launch Education Initiative

August 21 – The Payments Security Task Force and the EMV Migration Forum has announced the launch of the industry-wide CHIP IN Education Initiative.

“After only one successful transaction, consumers understand how to use their new chip cards. We want to make their first impression with chip technology a positive one, and make paying with chip the ‘new normal’ this year,” said Randy Vanderhoof, director of the EMV Migration Forum. “To meet this goal, the EMV Migration Forum and the Payments Security Task Force are asking the industry to expand education efforts by participating in the new CHIP IN Education Initiative.” is a comprehensive site providing instructions for successful chip card transactions along with information about what chip cards are, the security they deliver and reference materials for consumers, issuers and merchants.

What Is the CHIP IN Education Initiative?

The same cross-industry organizations that delivered the educational website are now asking industry stakeholders to chip in and help expand efforts to educate consumers and small businesses about the new cards appearing in their wallets and their stores.

How Can Industry Participants Help?

The initiative provides issuers, merchants, acquirers and others with educational messages and materials that can be shared through social media and other channels.

For those that sign up to join the initiative, participants will receive a weekly email which includes:

Pre-drafted social media posts and hashtags
Free educational downloads including useful visual aids, training guides, FAQs, infographics and more
Ways to use resources to maximize educational value
Media interview tips
Methods to encourage visits to

“Awareness and these resources help make that first chip card transaction a positive experience, whether you’re shopping or helping your customer,” said Carolyn Balfany, senior vice president, MasterCard. “This is the latest in a series of steps that we’re taking to help all U.S. customers and cardholders to understand the many benefits of the upgrade to chip.”

“The CHIP IN Education Initiative is another tool we can use to support the transition to chip technology in the U.S. All of those in the payments ecosystem have demonstrated a shared commitment to easing the transition to chip technology, and, through continued collaboration on initiatives like CHIP IN, we can help educate consumers and small businesses as to how chip technology can help reduce fraud and increase payment security,” said Stephanie Ericksen, vice president of Risk Products at Visa, Inc.

Join the CHIP IN Education Initiative here:

The first weekly email will be sent during the week of August 24th, so industry participants are encouraged to join before then.

“We look forward to seeing everyone chip in to make the U.S. EMV chip migration a success,” added Vanderhoof.

EMV Migration Forum and Payments Security Task Force Launch CHIP IN, an Industry-Wide EMV Chip Education Initiative

August 19 – The Payments Security Task Force and the EMV Migration Forum have announced the launch of the industry-wide CHIP IN Education Initiative.


2015 ISA ENTRY – CoNetrix: tandem Cybersecurity Assessment

On June 30, 2015, the FFIEC released a Cybersecurity Assessment Tool to help financial institutions identify their risks and assess their cybersecurity preparedness. The assessment tool is designed to provide a repeatable and measurable process for banks and credit unions to measure their cybersecurity preparedness over time.

tandem Cybersecurity Assessment provides a quick, easy, electronic way to complete the FFIEC cybersecurity self-assessment. Users log in to tandem and complete a questionnaire to generate their institution’s inherent risk profile and maturity level. Results live in tandem for tracking and reporting on a regular basis.

The tandem Cybersecurity Assessment tool is launching in phases and will be available as a free or professional version. Some of the key features provided by the tool will include the ability to compare results with similar financial institutions, a variety of graphs and reports for analyzing data and improving cybersecurity, including a report template for the board of directors, and a plan of action template to improve maturity levels if applicable.

The tool is an integrated module in tandem, an online software suite for managing information security and compliance. Other modules include: Risk Assessment, Vendor Management, Business Continuity Planning, Identity Theft Prevention Program, Audit Management, Social Media Management, Compliance Management, and more.

tandem Cybersecurity Assessment by CoNetrix warrants an Innovative Solutions Award because:

  • The tool is an electronic way to complete the FFIEC cybersecurity assessment.
  • The streamlined process will help financial institutions save time, avoid gaps or simple errors, and easily see where to improve.
  • The solution will provide a variety of reports and graphs to assist institutions in analyzing and understanding their data and making informed decisions to improve their cybersecurity.
  • The tool is free to financial institutions with pro features coming soon.
  • tandem subscribers can access the tool in the same interface as other modules for efficient security and compliance management.


Kryptronic Internet Software Solutions