The use of technology has increased dramatically, especially in the banking industry, and it is here to stay. Mobile and online banking and the use of Apple, Samsung, or Google Pay have become more prominent and Midwest Bank President Chris Gavin ensures paying through your phone is safe and secure through the technology of tokenization:
“Tokenization is the term and when you use a card, now they have a chip card, which are also safer and it is the same technology as far as not disclosing your card number necessarily every time you use it. That is the key. When you put your card on your phone, and then if you put it on your phone you can also use it on your smart watch. There is Apple, Samsung, and those types of things, but when you use Apply Pay or Samsung Pay, every time that transaction is unique. It is a unique number that is created through this process. Your card number and your information is never out there on the internet. It never gets exposed. You don’t have near as much to worry about as far as getting your identity stolen or just getting your card compromised.”
Tokenizing credit and debit cards is an additional tool to prevent against fraud. For more information, contact Midwest Bank at 309-734-2265.
