5 Key Security Concerns With Mobile Payments You Can Face
There is absolutely no denying the fact that mobile payments are incredibly easy and convenient. Many shoppers go out with their cell phones available in their pockets and purses so there is no need to carry a wallet stuffed with cash, receipts, and cards. Several banks facilitate mobile shoppers with optimized websites and custom apps allowing users to do online shopping while on the go.
Still, many shoppers are not really comfortable in doing mobile payments. Many are also worried about the platforms leaving them vulnerable to identity theft. There are many companies that offer services which make online platforms secure through mobile application framework.
Multiple Software And Hardware
Dislike laptops and desktops, the mobile device background is far more different in terms of operating systems and hardware. Some users still are using lower end devices that are running older versions of iOS and Android. This is particularly true in Asia and South America, where mobile phone devices and payments are gaining more attention.
but the users can’t afford the new advances technology and aren’t really well informed regarding the fundamentals of mobile security. Hence this makes the devices more vulnerable to attacks and exploits and makes them easy targets for hackers and fraudsters. So…
even if the mobile app is secure through which you are shopping the device might not be secure.
This can be addressed by different Smartphone technologies and mobile application frameworks in your payment app like voice recognition, face recognition, fingerprint scanner, geo-fencing etc.
Nasty App Clones
Google and Apple both have very strict rules on their app stores in order to prevent any uploading of malicious apps. Nonetheless, hackers and fraudsters still find out ways to install clones of payment apps that are virus-infected.
For Android devices, these apps are published on alternative and less regulated app stores or distributed as single .apk packages i.e. application files sent as attachments. Sadly, not all users install anti-malware tools on their smartphones. Those users won’t be able to find malicious apps are installed on their phones. The malware then targets payment and banking apps, hence with the popularity of mobile payments, these issues seem to also increase.
Bad User Habits
It’s been seen that even if a company have a dedicated mobile app, some customers may still use that website’s mobile versions for placing an order and making purchases. A recent study by Riskified shows that a vast majority of the users use Chrome and Safari browsers for making browser-based payment. Though, a small percentage uses the Android stock browser which is the default browser in many mobiles.
The Android stock browsers are the most abused browsers by fraudsters. By using a browser detection tool, one can prevent the users from using your website through unprotected browsers and urge the users to use the company mobile app for safe and updated version.
Mobile Fraud Strategy
Fraudsters are always looking for new strategies to hide their identities and traces. In the mobile payment world, fraud has its own particular characteristics. One of the most preferred characteristic by the fraudsters is to use “burner phones” these cell phones are cheap and can be bought for as low as $20 in cash and can be disposed of after the use.
These devices can also sometimes be tracked through reverse number checking but it’s a long and difficult process. Amateur thieves are more likely to use devices that have been used in previous fraud so it’s best to trace and block them
Data Examination Is The Key
The key to averting the mobile payment scam is by analyzing, gathering and corroborating the data. In this matter, mobile device and apps are full of information and combined with regional, historical and technical trends, merchants can make sure to turn down and detect scam transactions rather than creating false declines and turning down loyal and real customers.