In response to the news that Apple Pay has launched in the UK, Below comments from Mark James, security expert at ESET, which discuss the security implications of the new functionality.
Mark James, Security Expert at ESET :
What are the security measures and failsafe’s in place?
Apple has taken the security of Apple Pay very seriously, they have implemented additional security measures with the banks involved to help protect sensitive data. User’s credit card numbers are not stored on your device, instead their details are tagged to a unique device account number that is stored in the “Secure Element”, a chip dedicated for this use in your iPhone iPad or iWatch.
Is it any safer than other forms of contactless payment? Or about the same? How safe is that?
Technically yes, the iPhone requires you to touch your fingerprint reader, thus checking to make sure you are the registered user. Unlike contactless not just anyone holding the card can use Apply Pay, although your bank will do their best to protect your financial transactions there’s still the inconvenience of getting sorted. Contactless payments have many forms of protection in place and will periodically ask you to enter your pin number to verify you’re the correct holder of the card but having it on your phone has many advantages including not having to show or hand over your CC to anyone else.
Can you see it being widely adopted? Can you see this and other forms of digital wallet taking off?
I think so yes. Apple have a great history of getting things right and they won’t have ventured into this field without taking every possible security measure they can. Digital wallets are the way forward, having to carry ( and possibly lose ) credit cards in your wallet should be a thing of the past. We want to embrace technology and use it more and more in our daily lives and this is just a step closer to the “Digital World” we are fast approaching.[su_box title=”About ESET” style=”noise” box_color=”#336588″]ESET is a pioneer of proactive protection against cyber threats with its award-winning NOD32 technology. Daily, it protects over 100 million computers, laptops, smartphones, tablets and servers, no matter the operating system. ESET solutions for home and business segment deliver a continual and consistent level of protection against a vast array of existing and emerging threats.[/su_box]