Relax, mobile banking is safer than you think

It’s actually more secure than chip-and-pin or magnetic swipe methods

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From the January 2016 issue of the magazine.

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When Apple Pay launched here in November, it’s a safe bet few lined up to use the mobile banking technology. According to U.S. consumer survey data, people don’t believe mobile and tap payments are as secure as chip-and-pin or magnetic swipe methods. News flash: they are. In fact, Apple Pay is more secure thanks to technology called “tokenization,” which randomizes your card number during a transaction—meaning retailers (and potential hackers) only receive a random jumble of digits.

Mobile banking—More secure than a magnetic stripe?


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