The COVID-19 pandemic has resulted in many people preferring contactless payments to cash. More and more people are using their iPhone to make contactless payments with Apple Pay. But can you really trust her? After all, you can never be too careful when protecting your financial information.
Here’s what you need to know about Apple Pay and whether it’s secure enough to link your credit or debit card to your iPhone.
What is ApplePay?
Apple Pay is a digital payments system that enables users to purchase items or transfer money using their Apple devices connected to their credit or debit card. This eliminates the need to carry cash or debit and credit cards as your iPhone or Apple Watch can make all contactless payments.
Apple Pay is currently available in more than 20 countries and can be found in the Wallet app on every Apple device – including iPhones, iPads, watches, and Macs.
Does Apple Pay save your credit card information?
How does ApplePay work? The first time you set up a card with Apple Pay, you will be asked for your card number, expiration date and CVV code to verify the card with your bank. This is only a one time thing for authentication and the details are not stored with Apple. So Apple Pay does not pass this data on when you make a transaction.
Instead, it uses a process called “tokenization” which creates a unique one-time passcode every time you make a transaction.
Additionally, Apple Pay requires additional verifications such as Touch ID or Face ID before making a purchase. This way, your financial information can often be better protected than credit cards.
Apple does not store or have access to the original credit, debit, or prepaid card numbers that you use with Apple Pay. Because your card information is not stored on your devices or Apple’s servers, none of this information is shared with retailers.
The contactless payment system also prevents your data from being recorded by a skimming device.
Does Apple Pay have a contactless limit?
Apple Pay itself has no spending limits; However, stores and retailers can set a contactless limit, which usually depends on the laws of each country. To the example, You may need to provide a signature on purchases over $ 50 in the US when using Apple Pay.
Likewise, the general limit for Apple Pay transactions in the UK is £ 100 (GBP). Apple maintains a complete list of possible restrictions per country that you can go through.
Is Apple Pay’s Express Transit System Safe?
No payment system is 100 percent secure and each has its own weaknesses and shortcomings. With that in mind, Apple Pay is still pretty much secure.
However, some researchers at the University of Birmingham and the University of Surrey discovered one potential failure in Apple Pay’s VISA Express transit system.
The Express Transit system allows users to pay for transportation systems without authenticating the payment with Face ID or Touch ID, as they would normally do for any other transaction. This is intended to shorten the times for entering or exiting transit gates. All you have to do is tap your device on the contactless reader, which will automatically authenticate the payment.
The researchers managed to trick the iPhone into simulating that it was communicating with a transit gate when it was actually a payment reader used by stores. It did this by identifying a unique code sent from transit gates or turnstiles and then used to interfere with the signals between the iPhone and a shop card reader.
Interestingly, the bug was only found on VISA cards set up with express transit mode. Researchers warned the problem could be exploited to transact an iPhone in a person’s pocket or pocket without their knowledge.
The researchers say they reached out to Apple and Visa with their concerns, but the issue has not been resolved at the time of writing. Visa believes this type of attack was “impractical”:
“Variations in contactless fraud attempts have been studied in laboratory settings for more than a decade and have proven impractical in the real world.”
Apple’s view in the case it was similar:
“We take every threat to user security very seriously. This is a problem with a Visa system, but Visa does not believe that this type of fraud is likely in the real world because of the many layers of security it has.”
There is no evidence in the real world that this method is used by criminals to make unauthorized payments or defraud consumers.
What are banks saying?
Banks have reaffirmed their trust in Apple Pay in general, with many having public websites to support the payment system.
Barclays, an international bank based in the UK, says Apple Pay is very secure because it uses a unique device account number. However, we still recommend protecting your card by choosing a device passcode that only you know and storing your fingerprint in Apple Pay.
How to Safely Protect Your Apple Pay
Apple Pay is a highly secure payment method for in-store, in-app and online shopping. But even his advanced approach to data security won’t be effective if you don’t use common sense and remember best practices around financial transactions.
Never transfer money to unknown websites or make payments at suspicious points of sale (POS). And always check the payment amounts before tapping your device. This is to help you keep your money safe and get the most out of contactless payments.
If you believe that you have been cheated or that an unauthorized amount has been debited from your account via Apple Pay, confirm this in the transaction list of the Wallet app and then contact your list to have the transaction canceled.
Is Apple Pay Safe?
Apple Pay is one of the newer contactless payment technologies, and it makes sense that some would be skeptical of its security. We think the system is very secure and this has been proven by the banks’ eagerness to take advantage of the technology and expand Apple Pay to many countries around the world.
Other wallet activities like Apple Cash have also proven to be safe.
Much of Apple Pay’s security depends on how you use it. So focus on using it with caution, awareness, and care and you should be fine.