With June 30 fast approaching, we’re getting closer to the deadline that merchants and banks have asked customers to tokenize their cards by. What does this mean? Why should you care? How can you make sure you’re prepared? We’ve compiled some of the most relevant information to answer these questions and more in this quick guide to tokenization so you can understand what it means for your finances going forward!
How it will affect your payment
It’s not too late! In fact, it’s only a couple weeks away: July 1, 2018. On that day, liability for in-store card fraud will shift from banks to merchants if they have not yet enabled chip-and-PIN (EMV) technology for credit and debit transactions on physical point of sale (POS) terminals. In other words, your bank or credit union may eat some of those fraudulent charges if they haven’t upgraded their payment systems by July 1st!
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Take control of your digital security
If you’re not familiar with Tokenization, it refers to a process that replaces sensitive information like a primary account number (PAN) with a unique set of numbers and letters called tokens. Tokens can then be used anywhere online or in mobile apps as long as they’re validated by an issuing bank or organization.
Information released to assessors will not be made public
As of yesterday, when banks started providing assessors with information on cardholders, it has been made clear that people whose data is being shared will not have access to it. This was done in response to criticisms from various sections of society about how banks were handling assessor requests for information during court cases involving allegations of fraud and corruption against cardholders or family members.
You still have time!
Many people are unsure what tokenization means. It can seem like a confusing technology that doesn’t really matter now, but will when something bad happens to our money - but it shouldn’t!
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Conclusion
If it’s not already done, do it now: Take a moment to write down your credit card information (be sure not to include any security codes, though) on a piece of paper, and then destroy that piece of paper with a shredder. If all goes well, no one will ever be able to steal your credit card information ever again... maybe....