Alpha Bank Romania, a financial institution recognized for introducing innovations in the local market in the field of payment services (Tap-To-Phone, Instant Money Back, Instant Disbursement, etc.), announces the launch of the card tokenization functionality, integrated in the card scheme systems (Mastercard MDES, VISA VTS).
Compared to other tokenization solutions, the solution integrated into the eCommerce Alpha Bank platform improves transaction security by replacing sensitive card data with an EMVCo token.
Being the first platform with this functionality introduced in the local market, Alpha Bank will allow merchants and payment integrators to instantly update client cards, enrolled at account level, when they are renewed. Thus, the payment process is simplified, and the impact on optimizing transaction approval rates is immediate. In addition, the option allows the visual capture of the card in order to facilitate quick identification by the holder, especially when they have several cards enrolled in the merchant’s account.
“The new functionality developed in partnership with the local processor Romcard, provides an improved eCommerce experience to online merchants – especially for those using a recurring payment service (for example, invoices, subscriptions, etc.) – and at the same time, to cardholders who no longer have to worry about updating the card data at each merchant “, declared Viorel Vasile, Cards Unit Director, Alpha Bank Romania.
“In recent years, more and more consumers are choosing to save their card details in the customer account of merchants, in order to ease the payment process for on-line shopping. With Mastercard Digital Enablement Service, users benefit from an improved, easy and secure purchasing experience, while for merchants this service minimizes fraudulent transactions and related costs, while improving transaction approval rates. We are pleased to announce today the integration of this service into the eCommerce Alpha Bank platform”, declared Radu Ionescu, Product Management Director, Mastercard.
“The tokenization technology — whereby card data is encrypted to make digital payments more secure — is essential for the protection of basic account information against fraud attempts. In its mission to help secure digital payments and accelerate innovation in e-commerce, Visa has doubled the number of tokens issued in a single year globally, reaching the 4 billion milestone, exceeding that of Visa cards in circulation globally. The remarkable increase in token payments reinforces the idea that the future of money is indeed digital. Together with our partners at Alpha Bank, we are excited to provide access to a cutting-edge technology to traders and consumers in Romania, who can enjoy such benefits as safety and ease of use”, declared Elena Oprea, Acquiring & Acceptance Director Visa Romania, Bulgaria, Croatia and Slovenia.
Alpha Bank Romania campaign to raise awareness and fight against cyber fraud attempt: 8 Tips for Safe Online Shopping
Earlier this year, Alpha Bank Romania has launched a campaign to raise awareness and fight against cyber fraud attempts, in order to support consumers during the shopping season.
Considering the upcoming period of offers and price discounts and the increasing interest in online shopping, as well as the risk of card users to become victims to fraud attempts, Alpha Bank Romania has intensified its efforts of direct communication to clients on digital education topic.
“We recommend to our clients to be vigilant, to prepare for the shopping season, and to protect their cards and other payment instruments. In addition to this advice, we provide them a series of services included in our current account packages, to help them enjoy this period without any unpleasant surprise”, stated Florin Brănici, Manager of Digital Banking and Alternative Channels Division, Alpha Bank Romania.
Here are a few recommendations to protect yourself from cyber fraud attempts:
- Use biometric authentication (fingerprint or facial recognition) for card transactions on merchants’ web sites;
- Customize your debit and credit card transaction limits in accordance with the value of your shopping payments using the online banking app. You can also enable or disable contactless, e-commerce or cash (ATM) transactions for each of your cards, and in case of emergency, you can temporarily block the card for any type of transactions;
- Activate the SMS, e-mail messages or push notifications services on your mobile phone for card payments, as an additional measure of control and confirmation for the transactions with/on your account;
- Buy only from trusted sources and avoid ads/promos with unbelievable discounts posted on social media, which frequently lead to “ghost” web sites created with the purpose of stealing bank account access data.
- Check the links and messages received with increased attention. Fraudulent web sites often include a false address, do not contain the secure “https” phrase at the beginning of the address, but only “http”, and fake messages have typos almost every time;
- Communicate with the bank only via the official channels: the bank’s web site, smartphone apps downloaded only from App Store and Google Play, and the dedicated phone number. Banks do not request personal or banking data through social media, messaging or e-mail;
- Watch out for alarming messages, as a bank never sends a message asking you to urgently access a link in order to avoid the blocking of your account/card;
- Do not provide your card details (PIN, expiry date, CVV2/CVC code) to receive money. The IBAN code is the only information required for receiving money in your account.
For further information, visit Securitate Online (alphabank.ro).