Layering EMV chip, tokenization, encryption bolsters card payment security

Teri Robinson, Associate EditorOctober 28, 2014http://media.scmagazine.com/images/2013/12/26/credit_cards_focus_365831_520842.jpg?format.jpg&zoom=1&quality=70&anchor=middlecenter&width=320&mode=pad
A whitepaper from the Smart Card Alliance Payments Council recommends layering EMV chip, tokenization and encryption. While http://layering%20emv%20chip,%20tokenization,%20encryption%20bolsters%20card%20payment%20security/chip technology continues its roll out in this country, a whitepaper from the Smart Card Alliance Payments Council contends that payment industry stakeholders can better protect against card fraud by layering EMV chip and two other security technologies, encryption and tokenization. 
 
According to the paper (PDF), “Technologies for Payment Fraud Prevention: EMV, Encryption and Tokenization,” the three technologies play well together with chip providing cryptographic card authentication that serves as a deterrent for counterfeit cards and tokenization replacing card data with tokens, or surrogate values, that can't be used by outsiders and, outside of a specific merchant or channel, hold no value. Encryption, of course, encrypts data from the time a card is swiped, tapped or inserted so that it can't be read or used illicitly.
 
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