Apple Pay could revolutionize payment security

[Carding Forum]

The creators of Apple Pay promise to make mobile payments mainstream and make them much easier to use. However, less attention is paid to the innovative security system used in Apple Pay. It is able to prevent fraudulent transactions and data theft. Apple's mobile payments system could revolutionize payment security and significantly reduce fraud, analysts said.

A new study by BI Intelligence not only describes the process of making a transaction using Apple Pay, but also presents the implications for the payments ecosystem if this and similar mobile payment systems become ubiquitous.

Some costs from the report:

• Apple Pay combines several existing security technologies to address key payment security challenges. Apple has not invented new standards in this industry. Instead, he analyzed the gaps in payment security and applied the information obtained to implement a solution that does not require financial market players to change their systems and business processes.
• Apple Pay not only encrypts data in the form of tokens, but also creates a unique device identifier, as well as unique cryptograms similar to those used in transactions with chip (EMV) cards.
• The most significant changes from the new safety standards will only be noticeable in a few years.