Account Data

Account data is a collective term for information related to a cardholder’s financial account, comprising both cardholder data and sensitive authentication data. Cardholder data includes details such as the primary account number (PAN), cardholder name, expiration date, and service code. Sensitive authentication data encompasses additional security features used in validating access and transaction authorizations, such as security codes (CVV2), PINs, and magnetic stripe information. Effective management and protection of account data are paramount to prevent unauthorized access and ensure transaction security.

Account Information Service Provider (AISP): In the realm of open banking, an AISP refers to a company authorized to access and retrieve account data from financial institutions. This service provides a read-only overview of a user's financial data across various banks, facilitating comprehensive financial management tools without the ability to initiate transactions. AISPs enhance user visibility over their financial landscapes, aiding in better financial planning and analysis.

Account Number: An account number is a unique identifier assigned to a financial account that specifies the issuing bank or credit union and the type of financial transaction card associated with the account. This number is crucial for routing funds and accurately associating transactions with the correct financial accounts.

Account Number Truncation: This security measure involves not displaying the full account number on printed receipts; typically, only the last four digits of the primary account number are shown. Account number truncation is designed to protect consumer privacy and reduce the risk of fraud by limiting access to complete financial details.

Account Takeover (ATO): Account takeover is a type of fraud where unauthorized individuals gain access to and seize control of an online account, often using stolen login credentials. This can lead to unauthorized transactions and identity theft, with fraudsters manipulating account access for nefarious purposes.

Account Takeover Fraud: This form of fraud occurs when an account is illegally accessed and used to conduct fraudulent transactions. Unlike simple credit card fraud, account takeover fraud involves the misuse of the entire account, leveraging stored payment credentials and billing information to bypass typical security checks. This type of fraud is often perpetrated through phishing or credential stuffing attacks.

Account Updater: This service is crucial for businesses processing recurring payments, as it automatically updates stored card details when cards are lost, stolen, expire, or are renewed. Account Updater services, provided by major card networks like Visa and Mastercard, ensure that transactions continue without disruption due to outdated card information, facilitating seamless payment experiences for both merchants and customers.

Accounts Receivable Conversion (ARC): ARC is a process by which paper checks are converted into electronic payments. Offered by transaction processors such as First Data, this service involves scanning paper checks and transforming them into electronic data that is processed through the Automated Clearing House (ACH). This conversion streamlines receivables management by expediting the payment process and reducing the administrative overhead associated with physical checks.