Mobile Security: Merchants and Customers
The number of connected devices worldwide is rising rapidly: There are today over 3 billion smartphones in use and 8 billion IoT (internet of things) devices, a number that will soar to 25 billion in only three years.
Looking at the growing number of mobile devices in circulation, India tops the list of mobile wallet used; 56% of those surveyed regularly use mobile payment. In the West, the trend is growing exponentially: in the US, it is at 17% – up more 10% from last year and in the UK, mobile payment adoption is growing faster than contactless payment.
As mobile commerce is expanding, payment security is highly important for merchants so must be considered when building cyber security strategies for their sales platform.
In a move to ensure security around sensitive information, the Indian government is finalising cyber security measures standard for mobile phones. Indian authorities ordered all leading mobile phone manufacturers to provide details about the safety and security practices they undertake during production.
“I am very keen that India’s cyber security initiative must become a lesson for the world,” said Minister for Law and IT, Ravi Prasad. “Every digitally connected industry must have cyber security officers who should be able to tell you what precautions you have to take in an industry.”
Trusting your mobile phone for payment and banking transactions
One factor that could potentially hold back users from adopting mobile payments is lack of security. In the UK, research points to 37% of consumers trusting their bank to protect their personal information when paying or using banking apps via smartphones.
A study by American Express showed that half of shoppers will at some point abandon an online or mobile purchase due to security concerns. The same research also revealed that over 70% of customers are willing to take additional security steps during their online shopping experience.
There are many different methods to make mobile payments more secure. Use of multi-factor authentication is a must for merchants engaged in online sales through mobiles. The latest smartphone designs are perfectly adapted for such measures as fingerprints, biometric scanning and face or voice recognition.
The acceptance of mobile payments are vital for retailers to offer their customers convenient ways to pay whilst being secure to reduce fraud.
For those merchants, Secure Trading offers solutions such as card store and tokenization.