The security policy implemented by Lyf is particularly strict and in accordance with the highest standards required by the competent official authorities. In January 2014, Lyf was approved as an Electronic Money Establishment by the Prudential Control and Resolution Authority (ACPR), an authority backed by the Banque de France. This status of Electronic Money Institution requires strict compliance with regulatory and technical requirements. Lyf is subject to strict periodic checks to ensure that the safety devices remain compliant.
The Lyf process is among the most secure on the market and offers strong authentication which requires double verification: - the 4-digit Lyf Pay confidential code, chosen when registering for Lyf Pay; - use of the Lyf Pay mobile application on the smartphone. Communication between the mobile application and the Lyf Pay platform is encrypted by SSL protocol. Thus, user authentication will not be possible if the Lyf Pay confidential code is not known or if it is done from another phone.
Your bank details are never stored on your smartphone, they will be managed within Lyf's secure environment certified PCI DSS, an international security standard. Once registered with Lyf Pay, your bank details will no longer pass through the Internet. In addition, they will never be sent to Lyf partner merchants. To find out more about data protection and privacy, see the "Personal data" section.