When it comes to the security of money and transactions, even the richest of the richest display signs of anxiety. As transactions related to and from mobile phones are proliferating, so are the crimes and frauds related to it. However, Apple users and their information remain guarded, for Apple’s UPI system, Apple Pay, is almost as secure as Fort Knox.
How does Apple Pay work
Apple Pay is one of the most secure forms of payment available in the virtual world. Using NFC ( near field communication), it safely debits the lined account with the specified amount of money. It allows you to make easy, secure and private transactions anywhere in the realm of the internet. Apps, in-app transactions, websites or anywhere, Apple ensures the transactions are unassailable.
You can deposit and withdraw, send to your bank account, send the money to other users. Apple pay is relatively new to the market. Released in 2014, it quickly gained popularity. Various entertainment forms and businesses still don’t have Apple Pay as payment option, so if you choose to play and win real money online as an example that many people are using their money these days, you can opt for much more common payment methods that exist and have existed way before Apple Pay was introduced. Naturally, all these payment processors are secure and it is not the point of this article to discourage anyone from using them but to put them in contrast with “newer” payment processors. What differs Apple Pay is that it rarely has a competitive peer in terms of security equivalent. Just by saying that it uses a revolutionary biometric scan to make payments online, is enough to say that only the owner can send payments – unless someone takes your fingerprint which really requires some CSI expertise.
Also, all of your purchases through your credit, debit, prepaid, or transit card are sent to Apple’s encrypted servers. It follows a safe decryption-re-encryption method that only your payment network can unlock. Only user safety-related information reaches Apple so that they can prevent you from becoming a victim of a fraud.
Like a panopticon, the information remains between the institution of the payment, with the only ‘viewers’ being you, the payee and your bank. Apple doesn’t retain any vital transaction information. It remains about and with you.
After you enter into any transaction on the iTunes Store, App store or any sort of digital purchase, you can obtain the purchase history instantly. Through their purchase history option, you can:
- View when an order was billed to your account.
- View the date of a purchase.
- Resend email receipts.
- Report a problem with purchased content.
Why Apple Pay?
As per Tony Rasmussen of MACU,
“When you swipe your card, the card number, your information some other information, is static or unchanging. That information is passed every time over the network to facilitate your payment transaction. However, with Apple pay, instead of sending your card number out as it is, a substitute number is actually generated. That substitute number is unique to Apple pay, it’s unique to your phone and it requires your thumbprint or your retina scan in order for it to be authorized. So there’s actually encrypted information rather than actually transferring your credit card number. It is one of the safest ways of completing a dealing.”
The best part is, a transaction can only proceed when you give the permission to. Since the introduction of Touch ID and the more recent Face ID, all your transactions require ‘YOUR physical presence in the virtual world’. As per research, Face ID boasts a 1 in 1000000 chance that some random person will be able to operate your device. That is a 0.000001% chance. It can’t get any safer than that.
In any case that you lose your iPhone or any other Apple device, you can make use of the Find My iPhone service. It would save you the time and stress of canceling all your cards frantically. You can suspend Apple Pay and its subsequent service by placing your device in the Lost Mode and re-enable once you find your device. You can also disable the ability to make payments using your cards through the Apple ID account page.
Apple Pay: Go for it
“Apple’s system is a clear enhancement over chip and PIN,” says Bob Doyle, a security consultant at Massachusetts-based security company Neohapsis.”It’s a win for customers, and for retailers that choose to take it -which they really should.”
So, Apple users, both your money and information is safe with the biggest company in the world.