Visa Provisioning Service: Is It Safe Or Should You Be Concerned?
Visa Provisioning Service is a service that uses the Visa Network to process mobile payments. It is a machine-to-machine service that includes the Visa Token Service. Functionality includes enabling a secure, one-time payment authorization for card-less payment transactions by using an account on behalf of mobile devices and mobile network operators in apps or browsers. It is used by banks network for convenience.
The service was launched in 2013 in the United States and has been adopted by many retailers and businesses, including Walmart, Target, CVS, and 7-Eleven. The use of the service has grown rapidly, with Visa processing over 1 billion transactions per day in 2016.
What is the Visa Provisioning Service Charge of $0?
If you see a Visa Provisioning Charge of $0 or purchase authorization pending charge in your statement, it is a charge that your card issuer has made to provision or update your account with the new Visa Token Service. This service helps keep your account more secure by substituting a unique digital identifier, or "token", for your account number when you make purchases with participating retailers in-store and online.
The service is free of charge, and it is just a method to validate your card details when you signup for any subscription-based online service or make a one-time purchase.
When you see this Visa Provisioning charge on your card statement, you can rest assured that it is a legitimate charge made by your card issuer and is not a scam.
What is Visa Provisioning Service?
The Visa provisioning service is a network service provided by VISA so that merchants can have credit cards on file, but not have to expose their customer's sensitive data.
These one-time use cards are for merchants who often have to issue credit cards but don't want the risk of having their accounts compromised. The service is intended to allow those companies that must take cards now and then, without allowing those cards to be saved on a server where hackers might find them through the merchant's system.
Visa Provisioning Services was developed to help keep pace with changes in consumer behavior and technology development.
As part of the provisioning services ecosystem, merchants use a tokenized Visa account which helps them overcome some traditional barriers to accepting payments such as merchant acquiring costs, fraud liability protection, integration complexity, and more than anything else -they need for customer credit cards at purchase points. As long as merchants can ensure that their system is secure and up-to-date, then it is safe for them to use the provisioning service.
What is Tokenization?
Tokenization is a process that replaces sensitive data with unique identification symbols called tokens. When a consumer makes a purchase online, they'll provide their payment details just as they would if making the purchase in-store. The difference is that rather than sending those card numbers to the payment processor, tokenization substitutes them with unique identification symbols called tokens.
The tokens are unique to each transaction and cannot be used by anyone attempting to steal the consumer's information, but they contain all of the same information that is found on a regular credit card number. These symbols can be thought of as a digital representation or alias of a person's sensitive credit card data. This allows businesses to process payments without being exposed to the risk of a financial loss if their system is compromised.
This prevents hackers from stealing a consumer's data as long as those tokens are not stored on a merchant's server, which should never happen anyway. It also means that there is very little chance of a hacker gaining access to a person's credit card data. This ensures that consumers won't have to worry about identity theft when shopping online.
Tokenization is safe because it allows businesses to use a service like Apple Pay without having to expose their customers' card numbers. It is also more secure than the provisioning service offered by VISA and has none of the potential security flaws or vulnerabilities that this system does.
If you're a business owner considering using this service, you should consider the fact that Apple Pay is supported by most mobile devices. If it's safe enough for your customers to make purchases with their mobile devices, then it's likely safer than this service.
How does Tokenization work?
The first step of this process is to ensure that the server or exchange doesn't store any sensitive data. This will make it impossible for hackers to access customer information even if they can gain entry into the system. Even if a hacker gains access, they'll be unable to do anything with the tokens, which are useless without the card data with which they are associated. This makes this process far more secure than VISA's provisioning service.
The next step should be a thorough security review of the system and its design. A business must ensure that it has a properly designed tokenization system before implementation, as the last thing you want is for your customers' data to somehow end up on a server. Customers will not trust any company that does this and it could end up causing irreparable damage to your business as a result.
This tokenization process separates the sensitive card number from any system that is storing or transmitting it. This makes it far more difficult for hackers to gain access to card numbers, as they don't have the sensitive data that they need to commit fraud. This will force hackers to find a different, more complicated way to steal credit card information from the system.
The final step of this process is for each business or merchant to use tokenization services to ensure that their tokens are never stored on a server. Without a valid number, a hacker has no reason to hack any system. The best way to guarantee your customers' data is safe is to keep it as far away from a server or exchange as possible.
Is Visa Provisioning Service Safe and When Should You Be Concerned?
Visa provides its merchants with a provisioning service that stores the credit card data of every customer, but it doesn't store any sensitive data. This is not safe and should be concerning to all businesses using this service because hackers could gain access to the system and steal your customers' information, which would cause irreparable damage to your reputation as a merchant. It is much more secure for merchants to utilize a tokenization service that allows them to pass along fake numbers instead of the card holder's actual number, preventing credit card fraud from taking place if they are hacked.
Visa Provisioning Service is not safe and should be concerning to all businesses using this service because hackers could gain access to the system and steal your customers' information, which would cause irreparable damage to your reputation as a merchant. It is much more secure for merchants to utilize a tokenization service that allows them to pass along fake numbers instead of the card holder's actual number, preventing credit card fraud from taking place if they are hacked.