New Visa measures protect consumers from credit card fraud
The latest measures from Visa to protect consumers and businesses from fraud that could lead to costly credit card debt being piled up by thieves has won acclaim from an industry leader in identity theft.
According to 3Delta Systems, Visa has “industry best practices” for a process called tokenization. The lender’s system takes the customer’s credit card purchase information and replaces it with a randomly generated reference key called a token, which converts the normal 16-digit credit card number with a string of characters that makes it useless to hackers.
The company said Visa’s plan reduces the amount of vulnerable cardholder information to the point that there’s almost no threat of it being stolen, which also lowers the company’s risks and costs that come with complying with data-security [hyphen] laws.
Even if consumers don’t have a Visa credit card, they can still take steps to protect themselves from identity theft by shredding their statements and, it they need to be kept for records, ensuring that all sensitive information pertaining to personal credit identity has been properly stored in a secure location.