identity management Tag

As customers’ financial behaviors evolve to include digital banking and financial technologies—like peer-to-peer payment, virtual currency, mobile payments and mobile wallets—tokenization is one of the most important new technologies merchants can leverage to stand in the way of cybercriminal access to customer payment information. What is Tokenization? It is recommended that consumers use a paper shredder to destroy bank account statements, checkbook registers, tax forms, payment receipts and similar documents that include sensitive data because any account number reflected on the document that wasn’t destroyed beyond recognition could be used fraudulently. Similarly, when a shopper buys something online, they are required to divulge confidential and sensitive information, such as their address and ATM card info.  Giving out this information online is risky since it may be stolen and used fraudulently. Much like a paper shredder renders account information meaningless so that it’s made nearly impossible to re-assemble, repurpose or identify, the same theory applies to tokenization—through technology. Basically, tokenization is the process of replacing sensitive data with unique identification symbols that capture all the vital information about the data without compromising its security. The algorithmically generated number used to replace the sensitive data is called a token. How It Works Typical consumer credit/debit (ATM) cards come with names, 16-digit personal account numbers (PANs), expiration dates and security codes — any of which can be "tokenized." When a merchant swipes a customer's credit card, the PAN is automatically replaced with a randomly generated alphanumeric ID (“token”). The original PAN never enters the merchant's payment system; only the token ID does. The merchant can use this special token ID to keep records of the...

The Internet has subtly broken geographical barriers. It has connected people all around the globe that has made communication more dynamic. Today we live in a world where some of our devices are connected to each other and to us, for example wearable fitness devices that connect to our scales or smartphones that connect to our lights. Broadband Internet is become more widely available, the cost of connecting is decreasing, more devices are being created with Wi-Fi capabilities and sensors built into them, technology costs are going down, and smartphone penetration is sky-rocketing. All these have led to the emergence of Internet of Things. The Internet of Things, commonly abbreviated as IoT, refers to the connection of devices (other than typical fare such as computers and smartphones) to the Internet. It is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Cars, kitchen appliances, and even heart monitors can all be connected through the IoT. And as the Internet of Things grows in the next few years, more devices will join that list. Simply put, the concept of IoT is basically connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of. It is estimated that 20.4B smart devices will be connected to the IoT by year 2020. By enabling devices to communicate with each other independently of...

As customers’ financial behaviors evolve to include digital banking and financial technologies—like peer-to-peer payment, virtual currency, mobile payments and mobile wallets—tokenization is one of the most important new technologies merchants can leverage to stand in the way of cybercriminal access to customer payment information. What is Tokenization? It is recommended that consumers use a paper shredder to destroy bank account statements, checkbook registers, tax forms, payment receipts and similar documents that include sensitive data because any account number reflected on the document that wasn’t destroyed beyond recognition could be used fraudulently. Similarly, when a shopper buys something online, they are required to divulge confidential and sensitive information, such as their address and ATM card info.  Giving out this information online is risky since it may be stolen and used fraudulently. Much like a paper shredder renders account information meaningless so that it’s made nearly impossible to re-assemble, repurpose or identify, the same theory applies to tokenization—through technology. Basically, tokenization is the process of replacing sensitive data with unique identification symbols that capture all the vital information about the data without compromising its security. The algorithmically generated number used to replace the sensitive data is called a token. How It Works Typical consumer credit/debit (ATM) cards come with names, 16-digit personal account numbers (PANs), expiration dates and security codes — any of which can be "tokenized." When a merchant swipes a customer's credit card, the PAN is automatically replaced with a randomly generated alphanumeric ID (“token”). The original PAN never enters the merchant's payment system; only the token ID does. The merchant can use this special token ID to keep records of the...

The phrase ‘Big Data’ has in recent times become a popular jargon. It has been used, overused and used incorrectly that it is difficult to decipher what it really means. In this post, we shall be demystifying Big data and seeing why it is considered one of the most promising technologies of the decade. Big data refers to the massive volume of both structured and unstructured data that is so large it is difficult to process using traditional techniques. So Big Data is just what it sounds like – a whole lot of data. Social media, online books, videos, music and all kinds of information have all added to the staggering amount of data that is available, as more of this information have become digitized. All these data can then be analyzed, and value can be gotten from it. Categories of Big Data Big Data may be well-organized, unorganized or semi-organized. Based on the data form in which it is stored, the data is categorized into three forms: Structured Data – Data accessed, processed, and stored in a fixed format or form is called as structured data. The example of this data form is a table ‘Student’ storing different fields for the different students containing the data in rows and columns. Unstructured Data – Data without any structure or a specific form is called as unstructured data. It becomes difficult to process and manage unstructured data. Examples of unstructured data may be data sources with images, text, videos, etc. Semi-structured Data – This kind of data contains the combination of both structured and unstructured data. It has a structured form but not defined as...

Security has been a growing concern for businesses in different industries- from small shops to large corporations. Priority is now being placed on keeping people, equipment and information safe. It is then important to reinforce the need to control access into organizations and to properly identify those persons who are seeking access. In the past, many businesses used lock-and-key access systems. While this type of system can work for a business with only a handful of employees, it usually isn’t effective for companies with larger workforces. Employee keys can get misplaced or fall into the wrong hands, and companies must spend money either replacing the keys or all their locks. Another potential problem with this type of system is that within most companies, only high-level staff receive keys. This results in employees not having access to the facility in situations where the staff is absent from work. An access control system can provide you with greater control over who enters your building and when they enter your building. It can also allow you the power to remotely monitor access to your business. With these types of systems, employees use badges with embedded wireless technologies or punch-in codes to gain access to the building or certain spaces. These systems allow businesses to control who can access buildings or rooms always or on certain days and times. They are also more user-friendly for employees at all levels, who may need to have access in and out of buildings after their supervisors leave for the day. With access control systems, companies can keep track of who is entering and leaving buildings. This information can...