Financial

Industry Pages

Industry Pages

PROTECT FINANCIAL DATA WITH TOKENIZATION AND DATA VAULTING

Financial institutions have been the target of thieves since their inception. Why not—that’s where the money is kept. Now that the vast majority of financial transactions are electronic exchanges between very large financial institutions that span the globe, the old idea of breaking into vaults and hauling out bags of cash is long gone. Now financial institution robbery is nearly invisible—until the deed is discovered and millions of electronic records are in the hands of hackers in another country. When payment card information, financial institution account data, and personal identity information is electronically siphoned away into the web of cyberspace, the damage done is far greater than missing bags of currency.

If globe-spanning financial institutions with specialized computing systems, highly-trained security teams, and ultra-secure data centers can be hacked, is there really any way to protect the crown jewels of financial and personal data? If the real data isn’t even in the computer systems being attacked, then the inevitable breach will result in—nothing. No useful data, no personal identity information, no value. The goal, then, is to replace any type of valuable data with tokens and store the real data in a data vault built solely for that purpose. The TokenEx Cloud Security Platform provides the only sure way to keep valuable and sensitive data out of the hands of hackers.

The question arises, if a sophisticated financial institution can get hacked, how is the TokenEx cloud data vault safe? The key is access control. Financial institutions’ systems are populated with access points (PCs) that are used by employees for normal business—email, research, customer service. Employees can make common security mistakes—viewing an attachment in an cleverly a disguised email from a “client” for example. A virus is unleashed, malware installed, key loggers activated, communications compromised. In the TokenEx Cloud Data Centers, there are no superfluous access points. Network communications are encrypted at all times. Firewalls are always active and IP whitelisting keeps unauthorized traffic from ever entering the data center network. There are no PCs that have access to the data vaults that could be infected from external sources. The personnel managing the data center are all trained security experts. It’s an environment designed solely for high-performance security ops and nothing else. The list of security certificates and testing results are long and complete, and always available for your scrutiny should you desire.

Tokenization of sensitive information and data vaulting the real data so that it never resides in your business systems is the only way to guarantee that when a breach does happen, the thieves will get nothing of value. How frustrating for them.

BUSINESS AS USUAL AFTER TOKENIZATION

Since financial data—payment cards, financial institution accounts, personal information—is the literal lifeblood of a financial institution, you may wonder how you can operate without it residing in your systems. After all, transactions are the heartbeat of your operations. Will moving the data to an offsite data vault disrupt your operations?

When you tokenize and data vault your sensitive data in the TokenEx Cloud Security Platform, what’s left in your data processing systems are tokens with a one-to-one relationship to your real data. You use the tokens in the same way you would the real data. But if tokens are stolen, they have no intrinsic meaning—no mathematical relationship to the original data—so they can’t be decrypted. Only TokenEx can swap the token for the original data. You use the tokens to process payments as usual, with TokenEx transparently swapping tokens for Primary Account Numbers (PAN) as data is exchanged between financial organizations and customers, with TokenEx in the middle. TokenEx supports multiple vendors and complex account reconciliation procedures and secure batch file processing.

TOKENEX PROVIDES SEVERAL FLEXIBLE TECHNOLOGIES TO INTEGRATE TOKENIZATION WITH YOUR BUSINESS PROCESSES

  • TokenEx integrates with your web site using HTTP web service APIs (application programming interfaces). Using a browser-based encryption technique to strictly limit the exposure of payment data to your business systems, credit card data is encrypted during data entry at the customer’s browser then tokenized before entering your systems.
  • TokenEx can host your web payment pages making it work with your exact design and functional specifications to create a seamless payment experience for your customers. This method ensures that no payment data ever is received or recorded by your systems, greatly limiting the scope of your PCI compliance.
  • TokenEx also handles your batch payment processing if that better fits your business. Instead of sending an aggregation of daily payment card data to your payment gateway for nightly processing, you send tokenized payment batch files to TokenEx where tokens are swapped for PANs and sent on to the payment processor.
  • The TokenEx Transparent Gateway makes it easy for you to integrate your tokenized payment streams with multiple payment processors and to add or change them with very minimal updates to your systems.
  • Virtual terminals are supported by TokenEx in the call center so that payment card data is immediately encrypted at the terminal then sent for tokenization and data vaulting in the TokenEx Cloud Platform.

EMV CARDS ARE ONLY PART OF THE SOLUTION

Since 2015 is the year of the EMV card, expectations are high it will relieve the risk of data hacking. While the chip in a card will reduce “card present” fraud and shift the responsibility from merchants who participate to the card providers, it does nothing to protect against data theft and fraudulent “card not present” transactions. As long as payment data still resides within an organization’s business systems, it is vulnerable. Although stolen EMV payment data may prove to be harder to sell since it requires additional information to re-use, it makes PII data even more valuable and sought after to use for identity theft.

Ask Us How Tokenization Can Streamline and Secure Your Payment Processing

Our financial clients depend on TokenEx to provide a complete and customizable tokenization solution to protect their omni-channel payment streams and PII data. Let us explain how a unified cloud tokenization platform can help your organization secure all types of data reducing the all too real risk of data theft. Contact us today to make an appointment to discuss your specific challenges.