Interview: Credit Card ‘Alter-Ego’ Helps Shoppers Stay Secure Online

Interview: Credit Card ‘Alter-Ego’ Helps Shoppers Stay Secure Online
Banks, Insurance & Financial Services

Yana Zaidiner, COO of Token, talks to PSFK about creating a secure payment experience to meet the needs of the modern consumer

Jiwon Kim
  • 23 february 2018

As parts of the world rely less on cash and more on credit cards, personal security and fraud are becoming huge issues. Token is a mobile app that wants to alleviate concerns by allowing consumers to hide their personal payment information. Token creates an “alter-ego” for a credit card that can be used online and even on the phone, helping users shop securely. PSFK spoke to COO Yana Zaidiner about creating a mobile-focused platform for modern retail.

PSFK: How did Token come to be?

Yana: Token was founded based on our personal experience with payment fraud. After having our credit card numbers stolen multiple times, we were tired of feeling powerless against hackers. With background in data security and product development, the next step was creating Token, an app that allows consumers to take control of their data.

After signing up, what else does the user have to do to get an account?

Once users sign up, they gain full access to the app’s features and it’s all smooth sailing from there. Within one second they can create a payment Token and begin shopping at their favorite merchants or lesser known e-tailers, knowing that they are safe from fraudsters.

What makes Token different from other platforms that work to provide security?

While there were other secure payment platforms out there, such as PayPal, one of the biggest issues PayPal users faced was a lack of accessibility to merchants. Unlike PayPal, which can only be used at some retailers, Token can be used at 100% of all online merchants in the United States and is rapidly expanding to be compatible with merchants overseas as well.

Furthermore, Token has adapted to the modern consumer. Being mobile-focused, Token is able to be used on the go, anytime, anywhere. What we are most proud of however is that we have the highest security standards in the payments space. All consumer data is stored securely offline, out of the reach of hackers. Additionally, we take full advantage of data analytics, encryption and biometrics to ensure a 100% secure experience.

How will Token’s service offerings will expand in the future?

Token is quickly expanding in both the B2C and B2B sectors. On the consumer side, we are going to be introducing Token for families. Our children are going to grow up shopping primarily online, so it is important that we are able to keep them protected. It’s important to cater towards the younger generation and set them up for a safe and secure future, especially as technology advances so rapidly. Additionally, it will also help reach older generations who may not be as savvy security-wise and provide them with a simple solution.

On the B2B side, Token for Business is looking to provide cost effective payment solutions for SMB. Smaller companies often don’t have the resources to bounce back as easily from mass payment fraud, so it is imperative that we are able to prevent fraud from happening in the first place. Some of the services that will be offered to businesses include: the ability to create more Tokens for their payments, identity verification, fraud tracking and prevention for banks.

Any last thoughts?

Even more important than what we do is why we do it. The philosophy behind Token is what drives us to secure more and more consumers everyday. At the moment, brands and major merchants are controlling all of the power when it comes to online transactions. Since they know this, they are focusing resources on growing sales rather than actually putting an emphasis on the consumer’s personal security.

This conflict of interest has led to a massive lack of trust between consumers and merchants. With Token, we are bridging the gap, and that is our main goal. Not only are we handing power back to the consumer, we are also giving merchants the opportunity to maintain a secure online payment network in order to regain the trust that was lost. There are gains to be had on both sides when retailers cooperate with security providers, and it is a true win-win for consumers and businesses.

Token

As parts of the world rely less on cash and more on credit cards, personal security and fraud are becoming huge issues. Token is a mobile app that wants to alleviate concerns by allowing consumers to hide their personal payment information. Token creates an “alter-ego” for a credit card that can be used online and even on the phone, helping users shop securely. PSFK spoke to COO Yana Zaidiner about creating a mobile-focused platform for modern retail.

+banking
+children
+Fashion
+fashion / apparel
+financial services
+Frictionless Transaction
+Interview
+mobile
+Mobile
+Public
+retail
+technology
+token
+Transactions & Payments
+USA
+work

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