For these reasons, paying with your mobile phone is safer than you might think.
In a world where fewer and fewer people carry cash, Contactless payments are the order of the day. It’s no longer just cards and contactless payments using mobile phones. are gaining strengthalthough many still resist this as they believe it is a more insecure payment method and is at risk of financial data theft.
This is very far from the truth.Mobile paymentsThey are designed in such a way that They have several levels of security to protect the user’s banking information. This technology called “tokenization”allows you to transfer customer card data “disguised”, i.e. This “token” does not contain actual information about the card.which minimizes the risk of fraud, since Moreover, it can only be used for a short period of time.– they explain in the blog “Finance for Everyone”.
Most mobile payments use NFC technology. which allows information to be transferred between the device and the payment terminal only when they are too close to reduce the risk of someone intercepting the signalsomething that, if it happened, would not be of much use because Data transferred between the mobile device and the terminal is encrypted.
Mobile payment systems (Apple Pay, Google Pay, Samsung Pay, etc.) are also doubly protected, since require device owner authentication via fingerprint, facial recognition or PIN code, to which is added additional authenticationsuch as a one-time password or code that is sent to the phone to authorize a transaction.
Except, These payment platforms do not store the actual card details. but rather, they store it in the form of the aforementioned “tokens.”
How to further improve security
If all of this isn’t enough, you can always follow some of the tips offered by Finance for Everyone, such as updating your mobile operating system and payment apps regularly. create “strong” passwords, enable biometric authentication using fingerprint or facial recognition and Regularly review transactions in your bank’s app for possible irregularities.
In addition, banking institutions themselves also monitor transactions for fraud and they may even temporarily block the card if they detect any unusual behavior.