Today’s Topic: Security
If there’s one certainty in financial services, it’s that every new service will be accompanied by new ways to commit fraud. The massive proliferation of online and mobile services has led to an equally massive number of attempts at hacking those services. Luckily, those black hats have also spawned a new breed of sentries at the gate. Here are three trends in security to look for at the show:
- Tokenization making moves – What massive hacks like the Target breach have highlighted is the danger in having a single card number that, when breached, can be used with relative impunity until the fraud is discovered. While technology like EMV is great for protecting your physical card, tokenization helps in card not present transactions. Tokenization involves substituting a card’s Primary Account Number (PAN) with a unique, randomly generated sequence of numbers, alphanumeric characters, or a combination of a truncated PAN and a random alphanumeric sequence. Tokenization is nothing new, but there are new applications that make it more accessible and easier to implement. Able to stunt the ability of ne’er-do-wells to exploit your information and spurred on by the growing number of mobile transaction types, this is certainly a technology poised for wider adoption.
Companies to watch:
- Abine (www.abine.com) combines financial, email, and password protection together into their Blur application. With flexible security options, users have the choice of selecting their real card number or a “masked” card number for transactions.