Digital Tattoos: Exploring the Safety and Security of Contactless Pay in Canada
Using your phone to pay for goods and services is quick and easy, but just keep your personal information safe. This week’s episode of digital tattoos, digital finance series, is all about contactless pay. First, let’s talk about tap and pay cards in Canada, contactless credit and debit cards were rolled out in 2011 and soon became standard issue with all major banks. They work like this. The card emits a radio frequency identification or an RF ID. The chip in your card admits what visa calls a unique crypto gram, an encrypted message that sent from your card to the devil machine for each transaction.A new crypto gram is produced, while many Canadians worry that their banking information could be swiped by criminals.A unique crypto, Graham, as well as the 100 dollar limit placed on tap and go transactions, ensures that any fraud that takes place is limited to one transaction worth less than $ 100. In case you are a target of card skimming.
Canadian Banking Institutions and Mobile Payment Systems Ensure Secure Transactions for Customers.
Canadian banking institutions take 100 % accountability for any mistakes made and will reimburse you all of the money taken. Apple, Samsung and Android Payment Systems safeguard your personal information by omitting a token which is a 15 to 16 digit number unrelated to your banking information. Unlike stripe cards, your banking information is filtered through cryptograms tokens and multi-layered security systems to make sure that your banking information stays private. This process is also known as transaction virtualization, while pin-based transactions are still your safest bet, there’s no need to be afraid to tap and go that being said, don’t go wild with mobile payments just yet, while Apple Samsung and Android payment services keep your information pretty safe. Not all apps are created equal. The Government of Canada gives these tips for keeping your mobile banking information safe.
Stay Mindful of Your Spending with Contactless Pay in the Digital Age
Take a minute to check in with yourself before tapping your phone or your carved and make sure that you really want to part with that hard-earned cash. [ Music ]: do you want to know more about digital identity and keeping your data safe check us out on our blog or anywhere around the Internet until next time?