Tokenization, in terms of data security, involves substituting sensitive data elements with a non-sensitive equivalent, also called a token. The token has no extrinsic or exploitable value, which reduces the risk of data breaches. Banks use tokenization frequently by replacing bank account numbers with tokens. The tokens can be used to represent the user in a database or to provide some sort of authentication during transactions. Tokenization can protect your privacy and reduce the risk of data breaches because it replaces permanent identity numbers or other PII with non-sensitive equivalents that have no value. So, the permanent numbers won’t be stored during transactions and will be kept safe.
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