Mobile Payments: Are They More Secure Than Credit Cards?

Article posted on : link to source

With all the buzz that’s been surrounding our online privacy, cybercrime has become an important issue in everyday life. After all, we trust our most sensitive information to many different websites, believing that they have the safeguards in place to keep our private information private. Unfortunately, our data isn’t safe at all—a fact that’s made clear by the large number of data breaches and cases of identity theft that continue to grow each year. Though encryption and cybersecurity are getting more sophisticated every year, so are the hackers intent on stealing our data. Because of all this, many people are worried about the trend toward mobile payments isn’t secure—that it will open them up to having their financial and personal information stolen. Others maintain that mobile payments are more secure than credit cards. So who’s right in this scenario?

Chip Cards vs. Magnetic Strip

Recently, most new credit cards have started to feature “chip” technology, in addition to the traditional magnetic strip. This chip technology is more secure than swiping a card, because it doesn’t store the card number and name of the person in the system—it generates a code unique to that transaction, rather than providing the vendor with the actual …

Read More on Datafloq