Is Apple Pay Safe?
In the digital age of 2022, mobile payments account for over 44% of all e-commerce transactions globally, with Apple Pay as one of the leading products with tens of millions of users. With this rapid transition towards mobile payments, the question must be asked: how secure are these platforms?
The short answer is that mobile payments are quite secure. In fact, when used properly, mobile payments are even more safe than the traditional plastic credit or debit card. While this may be hard to believe for many consumers, there are several features that make Apple Pay very secure.
Firstly, these mobile wallets leverage a technology called near-field communication (NFC), which allows two devices to communicate with each other. In the case of mobile payments, it allows your phone to securely communicate with the payment processing terminal. Since NFC operates within a proximity of only about four centimeters, it is very unlikely that an attacker would be able to intercept this signal for any malicious use.
Let’s suppose that an attacker was somehow able to intercept a communication and get ahold of transaction data. Could they somehow reuse the transmitted information to make payments in the future? The answer is no. Apple Pay uses a token within its infrastructure instead of actual credit card information or account numbers. Token values are created for single use only, meaning that an intercepted token becomes useless for any future transactions.
What if Apple has a data breach? Would consumers’ credit card information be leaked? Again, the answer is no. Credit card numbers are not stored anywhere on Apple’s servers or on the consumer’s device, and are not shared with merchants of any transaction. In fact, Apple does not even store transaction record data that can be traced back to you, keeping your purchases private.
The most vulnerable point in this system is actually the consumers themselves. Many people share their phone passwords with others, exposing access for people to make legitimate transactions using their Apple Wallet. Users should take advantage of Apple’s additional safety features including the use of fingerprints, face identification or a passcode before authorizing any purchase. This extra layer of security should make you feel much better about transitioning to mobile for all your purchases.
Another vulnerability that’s frequently been reported in the media is related to a feature hidden away in the settings called Express Mode. This feature allows you to use cards in your Apple Wallet without waking or unlocking your device, or authenticating with Face ID, Touch ID, or your passcode. Express Mode can be useful for avoiding the hassle of having to authenticate when doing a repetitive task like paying a transit fare, but it is not worth the risk. You can easily disable Express Mode to make your Apple Wallet more secure.
To wrap up, there will always be a lifelong battle between digital security and malicious attackers, but Apple Pay and many other mobile payment platforms are secure at least for now when used properly. For those interested in reading more, we’ve included some resources at the end of the article to feed your curiosity.
Also, if you are interested in getting started with collecting card payments for your business in Canada, check out www.payswift.ca. We are building a mobile point-of-sale solution that you can use to turn your phone into a payment terminal, so you can get up and running quickly.
https://www.apple.com/ca/apple-pay
https://www.investopedia.com/ask/answers/112515/apple-pay-safe-and-free.asp
