Article Highlights

Key Takeaway:

Transit agencies, including Transport for London, have been hit by “retokenization” fraud for at least the past couple of yeares, in which fraudsters are loading then deleting virtual credit and debit cards into their digital wallets, like those connected with Apple Pay and Google Wallet. The response from the payments industry has been uneven, said TfL and sources.

Key Data:

• Chart: Tokenization and bad debt for Transport for London

Organizations Mentioned:

• TfL (London)
• Translink Systems
• Ensignbus
• Visa
• Mastercard
• Apple
• Google

Digital wallets are fast becoming the preferred method of payments for transit riders using open loop, with some major agencies recording well over half of their open-loop transactions coming from mobile devices, as Mobility Payments reported.

But for at least the past couple of years, agencies have been vexed by a certain type of fraud based on

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