Is it really safe to pay with Bizum in 2020?

bizum is safe to pay mobile

Although it may be a new service, the truth is that Bizum's foundation dates back to 2016. Today it is one of the most widespread payment services among users. With the arrival of the coronavirus in Europe and the United States, thousands of businesses have joined this payment method to receive payments from their customers. The doubt of a quite important part of the user lies in the security of the service. Is Bizum Safe To Pay Other People? What would happen if our cell phone is stolen? Let's see what Bizum's own page says about it.

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The security of Bizum depends on the security of your banking application

So is. The terms and conditions of Bizum suggest that the security of this payment method depends entirely on the security of the banking application that we use. Specifically, the website mentions the following:

“Bizum is a service offered entirely by the banking channels, so it is fully supported by the security systems of the banks. The transfer is always ordered by your bank and they are the ones in charge of authenticating you. "

To understand the security of Bizum we have to first know how it works. Bizum is not an independent application or service , but is directly integrated into the applications of the banks attached to this service. That is, all payments go through the banking application that we use. ImaginBank, Bankia, N26, ING Direct, Santander ...

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This is how Bizum looks in the application of ImaginBank, the Caixa mobile bank.

These types of applications make use of TLS encryption systems (Transport Layer Security, or transport layer security in Spanish). In turn, this protocol is based on four fundamental security pillars: encrypted communication, encrypted data, vulnerability scanners and global quality standards (specifically ISO270001, ISO9001, PCI DSS Level 1 and SOC 1,2 and 3). In short, paying with Bizum is totally safe and we will not have to worry about our data.

What happens to Bizum if I lose my mobile?

As it depends on the application of our bank, access to Bizum data is restricted by a password or with the fingerprint or the phone's own facial unlocking system. To this must be added that Bizum requires two confirmation factors to perform transactions between accounts.

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These two factors are based, on the one hand, on physical access to the bank's application data. The second factor uses a message that text acts as a key to confirm operations . In case of accessing this code, the thief will not be able to access the bank's application, unless he knows the password.

Even with everything, what we recommend from is to block the SIM card immediately through the customer service number of our company. We will do so in order to veto access our calls and SMS to third parties.

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The next thing we will have to do is lock the phone through Apple's iCloud and Google's Find My Device options to prevent unauthorized access to the device's applications. Finally, we will delete all the data from the smartphone to prevent thieves from accessing the information stored in the memory.

Source | Bizum website