ETA CEO on Tokenization

June 4, 2014 – CBS News interviewed ETA CEO Jason Oxman this week on the topic of tokenization.

Tokenization replaces a traditional card account number with a numerical sequence unique to a specific device, merchant, transaction type or channel. EMV is differentiated from other card commerce because account numbers are not stored; instead the token is only valid for the designated transaction.

“We anticipate that tokenization technology will be very widespread around the world in the coming months,” said Oxman. “Even if somebody is able to breach a retailer, for example, and get access to those systems all they’d be able to see are these single use tokens that don’t allow them to produce counterfeit cards or do anything else to steal account numbers,”

A cohesive tokenization framework has the potential to offer enhanced security and improved consumer confidence while creating an efficient, secure, consistent platform for electronic transactions.

Watch the interview HERE