Oriental unveils new tokenization service for greater security in online purchases
Looki g to offer its customers greater security in purchases, Oriental announced the availability of a new tokenization service on its cards for payments online, to provide greater security while cybershopping.
“This service is available for debit and credit cards, for individual and commercial customers, in Puerto Rico and USVI, which will help us reduce the risk of account data being compromised,” said the Director of Payment Systems at Oriental, Debbie Sabater.
Tokenization is the process of protecting sensitive data or the principal account number of a card by replacing it with a unique digital token.
The online business that uses this process will not store the customer’s card information, but rather unique tokens for that retailer and that channel. To access this security feature, customers do not need to perform any action with their cards, as it happens automatically, the financial institution stated.
Some of the benefits for customers is that it allows them to make purchases or store their payment credentials in online stores safely. Clients are also less exposed to fraud, as the retailer does not store their card information, Oriental explained.
In addition, it “improves the customer’s shopping experience since when a card is replaced, the information is automatically updated in the participating merchants and customers no longer need to manually update all the details of their card,” the bank stated.