chapter 06 TOKENIZATION: THE SOLUTION TO THE CYBERSECURITY CHALLENGE? All Tesseract users will evolve from numeric The tokenization is another trend that is transforming payments and money transfer codes to scenarios where a smartphone mechanisms. It allows substituting a sensitive element, such as a credit card, which if stolen, anyone may use it, with a “token” that may only be used by one person, just as authenticates through facial, voice and the mobile phone, to add an extra security layer when someone performs a transaction. behavior recognition. Thus, we guarantee The most advanced systems may even validate transactions with biometric data. that the user is who he affirms to be. For example, Tesseract startup offers services to protect sensitive data and manage transactions through encrypting and tokenization. It connects to the data infrastruc- D. Arenas, CEO of Tesseract ture of the financial institutions through an API. F. Illescas, Chief Marketing Officer Payit, another FinTech interviewed and participating in the first generation of Start- upbootcamp FinTech Mexico City, allows making payments through a mobile phone by tokenizing the transactions operated through its platform and, that way, making the transactions more secure. “Any transaction made on Payit platform is encrypted with a thirty-second window to enter passwords, which decreases the possibility that any person may hack it. In addition, each transaction is converted into tokens with the technology used by bitcoin to create its cryptocurrency.” M. Mexía, CEO of Payit Institutional conversation, February 14, 2018 A TWO-WAY PATH 74