Facebook joins the Visa Digital Enablement Program — Visa — “Visa today announced that Facebook has joined the Visa Digital Enablement Program (VDEP), which offers a commercial framework to make it easier for partners to access Visa’s token services and other digital capabilities globally. Facebook will use the Visa Token Service to help accelerate the availability of secure, payment-enabled services through its digital properties.”
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The acceptance of credit card numbers in the clear and their publication on the magnetic stripe leaves us vulnerable to “card not present” fraud. Since the credit card number continues to be published on the magnetic stripe in the clear even on EMV cards, it is not clear that EMV has reduced fraud even at the point of sale.
I am going to assert that tokenization, in, for example, Android, Apple, and Samsung Pay, has done more to reduce fraud than EMV.