NAPLES, FL- Tokenization is gaining support as a new way to help keep your credit card information safe.
Nearly everybody has a credit card and many have had their information stolen. Maurice Tobin can attest to it; the numbers on his business credit cards were stolen in the Home Depot breach. “That is only one, we have had several incidents of identity theft.”
When identity theft happens, victims say they end up feeling more like the criminal. “We are the one who is put under the gun,” explains Tobin of the process to get identity theft cleared. “Meanwhile, the other guys are enjoying themselves.”
The problem is so wide spread, the President weighed in on a possible solution Friday. In a press conference, he said he was signed an executive order to help expedite programs to help keep information safe.
“Tokenization” effects the way companies will store your credit card information when you make a purchase. It will take your numbers and code them–it’s what is referred to as a “token”. “They are going to be reassigned as random characters numbers,” says identity theft expert Carry Kerskie of the Kerskie Group.
People had a positive reaction to the new security. “I think it’s a wonderful idea,” says Tobin. “Anything that will prevent this intrusion to your life and bank account and to your finances.”
Identity experts say nothing is 100% safe in the cyber world but it is a step in the right direction. “The problem is the moment we come up with a great form of security, in a digital format, criminals end up finding a way to circumvent it.”
Visa is behind “Tokenization” and hoping to roll it out in a few months.