Yesterday I received a call from a number that was considered spam. I answered. They contacted me about the bank where I have a credit card to alert me to a suspected fraudulent charge. I opened the card app looking for any strange movements and since I didn’t see anything, I told the supposed bank employee that I would call and check. He hung up. Bank fraud is commonplace, and after wondering how a group of criminals found out that I had a bank card, I began to think about what else I could do to protect my accounts. Since I already use virtual cards with dynamic security codes (one generated for each purchase) that I almost always disable, I thought the only thing I could do is use Apple Pay or Google Pay.
Are Apple Pay and Google Pay safe?
Using Apple Pay or Google Pay is ultimately safer and more convenient than carrying physical cards, which could be used at a tampered terminal or subject to physical theft, exposing the information needed to make a fraudulent purchase: the card number. .card and security code. The reason these payment systems are so secure is that they are similar to using virtual cards with dynamic security codes.
Here’s a quick explanation: Payment systems such as Apple Pay, Google Pay or Samsung Wallet work through a process known as tokenization. To put it bluntly, when you make a payment using one of these apps, your card’s sensitive data (such as the 16 digits on the card or the expiration date) is not shared with the merchant. Instead, the app contacts the card issuer and requests a token – a digital code that will be registered only on your mobile phone and will be used to confirm transactions. However, depending on your security configuration, you will have to confirm your purchase; The most convenient way to do this is to use biometric verification.
System tokenization This is safer than using a physical card because even if your phone is stolen and reverse engineered to obtain it, it will only work on your device, which you can deactivate remotely using Apple and Google tools. They are also more secure because even if your phone is stolen, they will have to enter your PIN or biometrics to confirm the transaction.
Finally, remember that payment systems such as Apple Pay or Google Pay work through the NFC antenna of your mobile phone or smartwatch, so you can only use these platforms with a compatible device.
And as a recommendation, always set up these apps to verify your payments with a PIN, password, or biometrics, otherwise if it’s stolen, you could end up with unwanted purchases before deactivating your phone or watch.
Source: Digital Trends
