Make Mobile Security Top Priority This Year

  • Security

The payments industry is seeing a lot of change and growth regarding mobile payments, banking applications and peer-to-peer transfers. Mobile payments are meant to make life easier and convenient for the user. They do so by always being on and connected to our devices, not to mention being portable. A lot of consumers feel its easier to complete mobile payments and transactions from their devices. Other users feel that the inconvenience of having to get out a device and load an app has made the technology hard to adopt and not worth it. While some people believe that mobile phones could replace plastic cards and even cash in the near future, there are some obstacles that payment providers need to overcome first.

Giving users more flexibility and power in managing payments from a mobile device is the overall goal from business to consumer. However, filling in mobile security gaps should be top priority. Techniques for protecting payment data on mobile devices are a daily battle and changes often. Banking institutions, payments processors and merchants need to be focusing on fraud risks. These security measures can slow things down for the customer but security cannot be overlooked. Since we cant control what people download on their phones and whether or not they have password protection, security measures need to be enhanced and ready for theft and fraudsters. All mobile payments platforms should require a secure log in using a username and password and sometimes even a PIN.

Were already seeing more intelligent authentication methods on devices like fingerprint scanners and the talk of iris scanners. There needs to be a balance between security of an app and convenience for the user. Layered and tiered security can help with whether or not a transaction needs a lot of security. Mobile payments providers will always have to strive for better ways to protect our users without requiring them to go through all of todays authentication methods. We urge banking institutions to implement mobile security best practices before deploying any new platforms.

[Contributed by EVS Marketing]