How Samsung Pay Protects Your Credit Card Information

How Samsung Pay Protects Your Credit Card Information

Samsung Pay has been in Malaysia for the past two months, and so far, there have been no reports of any theft or fraud. While that isn’t necessarily a mark of its security, Samsung Pay and many other mobile wallets, are actually extremely safe and secure.

 

How does it work?

Samsung Pay uses a technology called Magnetic Secure Transmission (MST) and Near Field Communication (NFC) to make secure mobile payment transactions. NFC works by tapping your device against tap-to-pay terminals, while MST is an older technology that picks up a magnetic signal which is similar to the magnetic strip found on the back of your cards.

The critical security feature that Samsung Pay uses is known as ‘tokenization’, which is a secure environment to keep your information safe. Coupled with the fact that you need to verify your identity with either your own fingerprint or carefully selected PIN, means it would be incredibly difficult for fraud to happen on your account. Unless of course, someone has an 100% identical fingerprint match, which is impossible. We recommend using this feature as it also ensure your children can’t accidentally log into your account.

With tokenization, each time you make a payment, the system replaces your sensitive card details with a device-specific ‘token’. Your device then sends two pieces of data to the payment terminal. The first token of data represents your card details and the second token of data is a one-time code that is generated by the phone’s encryption key. This second token of data will never be used again, it’s unique to every single purchase made, making it extremely secure and hack-proof.

Your Samsung device also uses Samsung KNOX to run scans to see if your device is secure. If your device is compromised in any way, Samsung KNOX will permanently disable Samsung Pay in order to protect your sensitive payment details.

 

What banks support Samsung Pay?

Right now, you can register your Citibank, Standard Chartered, Maybank and CIMB credit cards. Except for Maybank, of which you can add your debit and prepaid cards also. And if you own multiple cards from different banks, that’s perfectly fine. You can add up to 10 cards in a single account.

Samsung Pay works on the more recent phones with Android 6.0.1 and higher including:

  • Galaxy S6 edge+
  • Galaxy S7 or Galaxy S7 edge
  • Galaxy Note5
  • Galaxy A7 (2016 & 2017 models)
  • Galaxy A5(2016 & 2017 models)

 

Making a payment with Samsung Pay is incredibly easy, as easy as 1-2-3. Once the payment terminal is ready, you just need to launch Samsung Pay, verify your identity, tap your phone against the terminal and you’re done. You’ll also receive a confirmation after each transaction.

If you think about it, it’s a lot safer than carrying a wad of cash around. That could get stolen! With Samsung Pay, you have everything at your fingertips, literally.

You’ll also gain access to a host of promotions, discounts, and rewards when you register you card and make payments with Samsung Pay. You may read this article for more information on Samsung Pay and its promotions.

In partnership with CompareHero.my.For more money saving tips and advice visit their blog to learn more!