Why everyone is waiting for ApplePay (NASDAQ:AAPL)
It has never been a better time for Apple Inc (NASDAQ:AAPL) to launch its ApplePay service with all the security breaches which have had customers on the verge on a breakdown. The new service is set to launch on Monday along with other security features.
In order for you to understand better about the seriousness of the cyber attacks over the past year in various retail outlets, here is a list explaining some of them and their impacts overall:
- TARGET (NYSE:TGT): this hack seemed like one of the largest experienced in retail history. Last December, the company reported that hackers got access of payment processing systems of nearly 40 million customers including their debit and credit cards. After a month of this incident, the retailer stated that additional information like consumer names, address and phone numbers were also stolen amounting to nearly 70 million of its customers.
- HOME DEPOT (NYSE:HD): this breach was much more severe than the one Target (NYSE:TGT) had to go through. Hackers gained access to malware which helped them get into the company’s payment data system. 56 million customer card numbers were stolen.
- ADOBE (NASDAQ:ADBE): the specialist for creative software witnessed its cyber attack over a year ago. Hackers got hold of customer information and a source code used for Adobe’s (NASDAQ:ADBE) products. Nearly 2.9 million customers went through loss of personal information which included encrypted debit and credit card numbers.
- KMART: Sears (NASDAQ:SHLD), Kmart’s subsidiary reported last week that hackers gained access to customer information like debit and credit cards. These included the transactions which occurred from September to October.
Apple (NASDAQ:AAPL) can be of service in this era by its security mechanism known as tokenization. The credit card numbers are masked in ApplePay and a random number is generated when a transaction is made. Tokenized data is entirely useless to hackers.
This technology isn’t new but some of its implementations however are. Apple (NASDAQ:AAPL) tried to make this a seamless user experience with a concept that makes the process extremely easy. It has especially takes care to make the user data secure. Now customers won’t have to worry about swiping their cards at retail outlets or stores with proper attention finally being paid to security issues.
Retailers as well as merchants would breathe a sigh of relief after a long time as sensitive card data won’t be a burden for them anymore. Tokenization is a system that will help flourish the industry and fight off cyber attacks. With merchant networks being compromised and thefts increasing as we speak, it is time for a middle man to step in who will in turn stop the attacks on consumers and companies.
Apple (NASDAQ:AAPL) will have many in the audience awaiting its new technology and the wait is said to end this Monday. Now it’s finally time to help stop further instances of cybercrime from taking place; where both stores and customers are compromised for their transactions all because of unauthorized hackers.