Secure payments for the consumer is fraud control for the bank, it emerged from a demonstration of MWC 2019 (Mobile World Congress currently in Barcelona). To carry out this control, the bank keeps various information for us.
Every new technology runs the risk of falling into malicious hands, the risk is higher when it comes to wire transfers or bank payments. This is the reason why many tech companies are working to invent the best approach to protect our devices, our profiles and most importantly our money. However, secure payment solutions may know more about us than we assume – a demo of MWC 2019 attests to this..
Secure payments on a smartphone or tablet are quick and easy, but for this fact, many checks take place on the mute. Payment systems need to be sure that the money is filed by the right person. How do they verify it? The application created by Mastercard first checks if it is the right laptop, it checks its ID, browser, IP address, location.
How are secure payments made? An idea of the data that is verified by the bank
If everything is “as usual”, the application continues: what is the product – whether it is something that this consumer usually buys; how quickly the user manages the device and the sales site, even what movements they make on the screen; if the sum is within the usual limits; which email address gives you a link. All of this is analyzed. Each positive response contributes to the formation of a demand profile. Any discrepancy reduces the likelihood of approval.
Have a profile that protects data from payments, location and more
The approval “threshold” is determined by each bank, which is why it is different. It is the choice of each bank that decides to enter the payment security verification application. What for the consumer is the security of the payment for the bank is in reality a test of fraud.
Get an idea of what tests the bank does to know that you are the one making the payment
If, for a given payment, the verification application does not collect enough data for the order and payment to be ordered by the account holder, additional identifiers, such as fingerprints, may be required. The right fingerprint can “assure” the system that the money is classified by its holder or by someone authorized by him. It’s up to you to decide if you want to replace the physical bank card with direct payment from your mobile phone.
Secure payments straight from your mobile – find out what the bank is using as data
It’s good that the information the bank holds for us is secret and that developers are always looking for a way to better protect our information.
The choice to pay with your smartphone instead of paying with a physical card