In a webinar held September 15, 2011, hosted by Mobile Payments Today and sponsored by Magtek Inc., industry experts discussed the role of various security methods in protecting consumer data during mobile transactions.

The event, entitled "Bridging People and Payments: How Tokenization Can Enhance Convenience and Security for Point-of-Sale, Online and ATM Transactions," looked specifically at how tokenization, a security method that replaces static account information with dynamic data, can help protect consumers.

Panelist Andy Deignan, vice president of global marketing and strategy for webinar sponsor Magtek, discussed the effectiveness of tokenization in general and used Magtek's Qwick Codes as an example of a tokenized solution.

In the case of Qwick Codes, the data token replaces the credit card information with a one-time use code that can be used like a credit or debit card at an ATM, POS or online. This means credit card data is never revealed, protecting the consumer while ensuring a seamless transaction.

Jason Kuhn, director of ATM product development and chief privacy officer for Payment Alliance International, then presented a case study of how PAI is implementing tokenization across its ATM network.

The presentations were followed by a Q&A session that covered issues such as the costs, benefits and requirements of implementing a tokenized security solution.

The one hour webinar has been archived on Mobile Payments Today and can be viewed here.