SPARROW Announced the Launch of Single Use Tokens
SCOTTSDALE, AZ: As a leading payment solutions provider, SPARROW is proud to announce a card-not-present (CNP) solution to combat online fraud and protect consumer data. SPARROW’s Single Use Tokens allow merchants to tokenize and process payments without handling cardholders’ data. Since the merchants’ webserver is bypassed when processing an electronic payment, their systems are out of the scope for PCI Compliance. This innovation can save small-to-medium businesses (SMB) $75,000 to $250,000 and enterprise merchants millions of dollars in compliance and PCI audit costs.
Tokenization is the process of converting sensitive payment information into a nonsensical string of numbers and letters. Doing so makes the string, known as a (customer) token, useless to cyber criminals such as credit card thieves. To further secure the transaction, merchants are issued security tokens that can only be used when paired with the customer token. All tokens expire once used or after a short period of time if unused. With the amount of malware, computer viruses and bank card breaches, shoring up security at the point of entry is vital to consumer protection.
Cyber thieves and hackers never rest. They scour the internet for vulnerable websites and shoppers. One way to thwart their efforts is a proactive approach to data security. Immediate tokenization in the customer’s web browser reduces the number of clear data events to a single fleeting moment in time. In addition to providing top level security to consumers, merchants are able to transfer the liability of handling and storing of sensitive data to SPARROW.
“Single Use Tokens are just the latest example of SPARROW’s commitment to innovation, security, and reducing merchant’s cost to process payments.” says Matanda Doss, CEO, SPARROW. “I challenge my employees daily to think differently, act differently and to find new ways to serve our merchant community. The results are clever ways to reduce profit leaks, increase cash flow and uphold the superb reputations merchants work so hard to establish.”