Are iOS devices Users Safer at Managing Payments in 2020?

For the last 4 or 5 years, payment digitalization has taken a long leap keeping in mind the objective of easy, secure, convenient, and fast payments. And there is no doubt about its journey so far achieving its objective with Gen-Z supporting it to its maximum. This Tech-savvy generation dependent on cutting-edge, automated, quicker, and efficient technologies, has exponentially raised digital payments graphics. As per current financial trends, it is going to get bigger in 2020 powered by cutting edge technology empowering digital payment methods. Below are a few 2020’s trending payment methods

• Biometric Authentication
• Cards to codes
• Mobile point of Sale
• Voice commands by smart speaker payment
• Contactless Payments
• Mobile Wallets

Total transaction value in the Digital Payments segment is projected to reach US$4,406,431m in 2020

In recent years, digital devices have quickly evolved as storage of our most sensitive and valuable data like cards and payment info, business and social info, etc. Technology is boon and bane for everyone and few have used it for their personal benefit targeting individuals and businesses by most common vulnerabilities like

• Malware attacks through viruses such as trojan, spyware
• phishing
• Social media scams
• Data breach and leaks
• Unearthing password and privacy settings weaknesses to get unauthorized access
• Operation Systems security vulnerabilities

These vulnerabilities are very much dependent on the OS used in the device. The most popular OS are IOS, Android, and Windows which constitute more than 90% of total available devices across the world. Below parameters become critical when it involves your payment information and one need to choose the best operating system considering safety as a major concern

• Closed OR Open System: Closed systems are those whose source code is not released to developers and the phone’s user can’t enable developer mode themselves to do the changes. Since, IOS is a closed system unlike android and windows OS, it makes IOS powered devices less prone to vulnerabilities.
• Security Updates or patches: All OS vendors continuously released security updates and patches to protect devices against the latest and Potential security threats affecting devices. These patches updates virus definition of the devices making it more and more safe with every patch release. Apple’s IOS updates typically prompting users to install patches along with publicizing makes it a bigger event than other OS like android, windows.
• Provided hardware: Manufactures provides a key-role in providing built-in security features in devices. Embedded hardware security grew 39% year-on-year (YoY) in 2019. Most of the manufactures provide pre-installed security solution works best for security issues. One of the examples is Samsung Knox security solution securing booting process, enhanced restriction on unauthorized access etc. on android. However here also Apple leads who embed a Secure Enclave (eSE) in devices protecting your devices from cyberattacks.
• App Download Center: Every person now a day’s downloads third party apps. The Best way to protect yourself is to download it from verified/trusted sources. App store is for IOS, Google play store for android and Microsoft store for windows. Among them, the App store is the safest as apps are reviewed thoroughly, high-quality standards, and complex upload processes. Cydia is one of many third-party app aggregates you can find online for iOS. But you may need to first jailbreak ios 13 if you would like to try out apps, customization, and tweaks that fall outside of the Apple app store’s purview.
• Permissions OR Control: Prevention is better than cure and that’s whyIOS provides limited/restricted permissions or controls for both users and developers reducing the chances of cyberattacks. Clouds storing data on IOS are more secured than any other.

Guaranteeing app security and maintaining three-level security categories i.e. system, data and app, IOS devices can be considered as the safest devices to safe-guarding your critical payment information. In general, you can follow this guide to safeguard your payments.