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Everything you want to know about Apple PayIs Apple Pay secure? Yes. Apple introduced a two-part hardware-based security solution for Apple Pay. The first lies in your fingerprint, which is required for each transaction. Apple users are familiar with using Touch ID to authorize iTunes purchases, and now Apple is applying the same process for in-store transactions. But the second hardware solution is the real key to keeping your financial information locked away: the secure element. Built as a chip and only available in the iPhone 6 and iPhone 6 Plus, the secure element is where your financial information is stored. It is only accessed when a randomised 16-digit number is generated during a transaction. The data stored on the secure element never makes its way onto your phone's software, so even if someone hacked your operating system, there would be no way to extract your financial information. The secure element found in the iPhones are also safe from hardware attacks. In fact, if a thief dismantled your phone, the secure element would sense tampering and immediately shut down. In addition to NFC, this is also why previous versions of the iPhone can not be made compatible with Apple Pay without an Apple Watch. Does this have anything to do with Chip & PIN/EMV cards? Nope. EMV chip technology is popular around the world, but Apple Pay is meant to replace credit cards entirely. With Apple Pay, a unique device account number and a dynamic security code serve as your credit card authorization. You get your goodies, and your bank gets the transaction record, but no one ever sees your credit card, eliminating the need for for PINs or card swiping. http://www.cnet.com/news/everything-you-want-to-know-about-apple-pay/ |
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Msg # | Subject | Author | Recs | Date Posted |
741130 | Re: Everything you want to know about Apple Pay | WHOB007 | 1 | 10/24/2014 4:48:30 PM |
741138 | Re: Everything you want to know about Apple Pay | stkhawk | 25 | 10/24/2014 6:06:51 PM |