How secure is Apple Pay?
Whenever you combine sensitive personal data with technology, it's understandable that people might feel uneasy - especially given high-profile security breaches at major retailers, such as Target and Home Depot. Since then, it seems that both businesses and customers are realizing the true vulnerabilities of credit cards.
As it turns out, Apple Pay in and of itself is pretty secure thanks to a tokenization and encryption process that will anonymize your data. Your data and card information are translated into an identification number that maps back to your data. Apple Pay doesn't hold onto your credit card numbers, expiration date or CVV number after you enroll. Instead, it turns it into a personal ID token that is then used to communicate between the bank and retailer.
However, even Apple Pay isn't immune to fraud, with recent reports suggesting there are some vulnerabilities to the process. The most important step of the verification process takes place when you set up your Apple Pay account. You simply snap a photo of your credit card, and then the app verifies your banking information by matching it with data already stored on your iPhone. This may include your location, data in your Apple account and details about your handset.
If you set up Apple Pay in a location that doesn't match your banking info, or with a handset that isn't tied to your personal information, you'll receive a phone call. This call is intended to avoid fraud and prevent someone from loading your banking information onto their smartphone. However, if that person has enough information to answer the verification questions, they might still get through the system.
It isn't as big of an issue for individuals who already have their banking information through Apple Pay; the risk is bigger for those who haven't yet tied their credit cards to Apple Pay. And, of course, there is always the risk that someone might steal your device, but if you set up remote access to wipe your device and have a security code in place, that will help deter any issues.
Apple Pay can make healthcare payments more secure
When you make payments to your healthcare provider or insurance company, you inherently involve more personal information than if you, say, ran to the store for a loaf of bread. Your explanation of benefits, the statement your healthcare provider sends you, and any information from your insurance company often sit right in your mailbox.
To Instamed, implementing Apple Pay seems like a natural step in the growing world of healthcare technology. And it makes sense; having the capability to pay instantly with biometrics over traditional methods of payment does sound like the future. However, adoption will be the next step, and it stands to be seen how fast healthcare facilities will follow Instamed's suit and make the move towards mobile payments.