Your browser is out of date. From Thu 28 April 2022, the Great Southern Bank website will not support your current browser, and you may have a degraded experience or be unable to connect. Update your browser to secure your online experience.

Search
Close

Paying with your phone - security myths versus reality

07 March 2018
Share:
Share article on Facebook Tweet this article email this article to a friend

Every day more and more Australians are choosing to add their debit, credit or eftpos card to their mobile wallet so they can tap and pay at the checkout using their smartphone. In fact recent figures show that one in seven of us have already made a mobile contactless payment in store.

Many choose to pay this way because of the convenience, but as people learn more about how the technology actually works, increasingly consumers are also seeing the security benefits of adding their card to payment apps like Google Pay, Apple Pay and Samsung Pay.

Here are some of the facts about the tap and pay technology on your mobile device that will help debunk some of the common security myths.

1. It’s secure to set up on your phone

When you add your debit or credit card to the payment app on your phone, Great Southern Bank will send a one-time security code. You’ll need to enter this code to be able to add your card to your device. It means that only you can add your card to a mobile device.

2. Card details aren’t stored on your device or shared with merchants

Even when you have added your card to your device, your card details are not stored on it. Great Southern Bank ensures that your card is securely linked to your mobile device so you can use it to make contactless payments. But even if someone else has access to your phone, they can’t access your card details.

Similarly, when you tap and pay with your phone at the checkout, your card details aren’t shared with the merchant.

3. Fingerprint or passcode authentication is required

In order to be able to make a payment by tapping your phone, you’ll need to unlock it first, either by using your fingerprint, or by entering the passcode for your device.

So even if your phone falls into the wrong hands, it can’t be used by anyone else to make payments. This extra level of authentication means it’s arguably more secure than tapping your card.

4. Lost your device? No worries

When your bank card is lost or stolen, you’re usually in a race against time to cancel so it can’t be used by anyone else. But if you lose your device, you don’t need to worry about someone else using it to make payments. As mentioned above, fingerprint or passcode authentication is needed, plus your card details aren’t stored on your device.

As well as this, many phones have a ‘find my phone’ feature that allows you to put your device into ‘lost mode’ if it’s been lost or stolen. This would help in getting it returned to you, lock or disable the device, or completely wipe it for additional protection if needed.

Ready to get started?

If you’d like to try out this convenient and secure way to pay, just select your preferred mobile payment method below.

Tap & Pay with your phone

No wallet? No worries. If you have a smart phone, you can use it to tap and pay securely at the checkout.
Google Pay
Google Pay
Google Pay can be used at any contactless payment terminal for all in-store purchases. T&Cs apply.
Apple Pay
Apple Pay
Anywhere you can tap and pay with a card, you can also use Apple Pay.
T&Cs apply.
Samsung Pay
Samsung Pay
Make payments in a matter of seconds anywhere you'd normally use your Great Southern Bank Visa Debit Card. T&Cs apply.
Related articles
How To Identify Phishing Email
3 minute read
Can I get a loan for dental work?
3 minute read
Celebrating international womens day
4 minute read
Online security tips
Tips to budget for Christmas holidays
4 minute read
Your financial checklist for 2024
3 minute read
All Articles
Share:
Share article on Facebook Tweet this article email this article to a friend