Alliance Activites : Publications : Technologies for Payment Fraud Prevention: EMV, Encryption and Tokenization

Technologies for Payment Fraud Prevention: EMV, Encryption and Tokenization

Publication Date: October 2014

Businesses processing credit and debit payments can help protect themselves against new and evolving fraud threats by implementing EMV chip technology, tokenization and encryption security technologies in conjunction.

Today, payments industry stakeholders are looking at many security technologies to protect their businesses and customers. This white paper explains how layering three of these technologies – chip, tokenization and encryption – in conjunction can help to secure the payments infrastructure and prevent card fraud. The degree of layering will differ among payments stakeholders depending on their requirements, environment and budget. Reading this white paper is a good start for any stakeholder starting to consider their best approach for implementing the three technologies.

The three technologies recommended in the white paper to be used in conjunction are:

The white paper explains the three technologies in detail and how they can be implemented together. The white paper:

About the White Paper

The Smart Card Alliance Payments Council developed this white paper to educate payment industry stakeholders on the role of EMV, encryption and tokenization for securing the payments infrastructure and preventing payment fraud. Participants involved in the development of this white paper included: Accenture, American Express, Bell IDCH2M Hill, Chase Card Services, CPI Card Group, Datacard GroupFirst Data CorporationFiserv, Inc.GemaltoGiesecke & DevrientHeartland Payment Systems, IngenicoINSIDE SecureMasterCardNXP SemiconductorsOberthur Technologies, SHAZAM, Tyfone, Valid USAVantivVisa Inc., Washington Metropolitan Area Transit Authority (WMATA), Wells Fargo.

About the Smart Card Alliance Payments Council

The Smart Card Alliance Payments Council focuses on facilitating the adoption of chip-enabled payments and payment applications in the U.S. through education programs for consumers, merchants, issuers, acquirers/processors, government regulators, mobile telecommunications providers and payments service providers. The group is bringing together payments industry stakeholders, including payments industry leaders, merchants and suppliers, and is working on projects related to implementing EMV, contactless payments, NFC-enabled payments and applications, mobile payments, and chip-enabled e-commerce. The Council’s primary goal is to inform and educate the market about the value of chip-enabled payments in improving the security of the payments infrastructure and in enhancing the value of payments and payment-related applications for industry stakeholders. Council participation is open to any Smart Card Alliance member who wishes to contribute to the Council projects.