A new security effort by Visa has been launched which could make it unnecessary for merchants to store the full, 16-digit debit and credit card numbers on their systems.
Issuers and acquiring banks can accept truncated, disguised, or otherwise concealed card numbers from merchants for dispute resolution cases. Visa in the new initiative will urge, “card issuers, acquirers, and processors to adopt systems that do not rely on primary account number (PAN) data for dispute resolution and other issues,” says Visa's Eduardo Perez. It has not been mandated that merchants store PAN data, however it did require them to safeguard the data in compliance with PCI Data Security Standards.
A series of best practices for tokenization has also been announced by Visa; PAN data is replaced by a set of proxy numbers that can then be employed for dispute resolution and other purposes. Perez says, “that for now Visa is only recommending that processors and banks implement the changes as part of an overarching effort to enhance security, and is also asking them to consider storing the PAN data themselves rather than mandating that retailers do it.”
Check here again for an update on the best practices for tokenization by Visa.
Loretta Hunnicutt
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