Security Still a Concern for Mobile Payments

September 25, 2015, Written By John H. Oldshue
hand holding mobile phone with mobile payment isolated over white background

The security of mobile payments remains a very big concern for cybersecurity experts.

ISACA, a global nonprofit information systems organization, surveyed over 900 cybersecurity experts about mobile payments. These experts are excited about the convenience of mobile payments, but there are still significant concerns about security.

In fact, only 23% of respondents said mobile payments are secure, and 87% predict there will be an increasing number of mobile-data payment breaches over the next 12 months.

Experts believe most of the security breaches will be due to:

  1. Using a payment-enabled device on public Wi-Fi (26%)
  2. A device being lost or stolen (21%)
  3. Phishing, or smishing (which is phishing using SMS) (18%)

However, even though these experts expressed concerns about security, they are still using mobile devices to shop. In fact, 42% of the professionals had made a purchase using a mobile payment platform.

Since it is obvious people want to use the technology, ISACA asked experts how security could be improved. The most significant suggestion is using multiple ways to authenticate identity on your mobile device (66%). Using a limited-duration code (18%) and phone-based security apps (9%) were also offered as possible solutions.

Since many kids are also mobile users, 73% of experts said children should be educated about mobile security before they are 13 years old.

ISACA concluded that mobile payment technology should be embraced, but IT professionals and users needed to educate themselves about, and take precautions against, security risks.

The information contained within this article was accurate as of September 25, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.