Mobile Payment Guidelines: Implement or Revise Mobile Fraud Solutions

  • Fraud Prevention, Phone Verification

Yesterday, the PCI Security Standards Council issued guidelines outlining secure measures for accepting mobile payments. The ultimate goal of implementing these new guidelines is to help companies achieve secure mobile applications so businesses of all sizes can offer mobile payments. The downloadable document, outlines the three main risks when involving mobile payments by giving three clear objectives:

  1. Prevent account data from being intercepted when entered into a mobile device
  2. Prevent account data from compromise while processed or stored within the mobile device
  3. Prevent account data from interception upon transmissions out of the mobile device

As Troy Leach, CTO of the PCI Council, stated, We know people are excited about this new technology[but] mobile payment is still in its infancy and needs to be approached with a certain amount of caution. This is perhaps the biggest caution that companies should be taking from these new guidelines. As mobile payments become more mainstream more guidelines are sure to come meaning businesses who were earlier adapters may find themselves revising their business models. Companies who already offer mobile payments solutions need to adjust their current mobile fraud prevention solutions to ensure they do not get far behind with best practices. Businesses who have not implemented mobile payments but see it as a future endeavor, should consult online fraud solution companies as a resource to make the transition compliant.

Small businesses have the largest battle to fight. As mobile payments are often the most convenient way for small companies to operate, they also take on a huge amount of risk both financially and for reputations sake. Real-time security providers can accommodate for companies in any industry of any size. As the world becomes more hypnotized and dependent on the mobile revolution, mobile security will become second nature. Mobile security education is at the most crucial stage of its existence. With the launch of the iPhone5 more and more companies will be finding innovative ways to reach and serve their consumers via mobile. As companies move in this direction, or revise their current solution, they need to be aware of the importance of mobile security and the resources available to make their business successful.

[Contributed by EVS marketing]