With news of Google Wallet not being as safe as it should have been, many consumers are expressing concern over adopting mobile commerce. While telecommunications and technology companies are quick to assure consumers that mobile payment applications will be safe in the future, financial institutions are taking these concerns quite seriously. Many credit companies are working to move away from traditional magnetic strips for their payment cards. In an attempt to modernize commerce, these institutions are beginning to adopt NFC technology. They are also looking to researchers from the Pittsburgh Swanson School of Engineering to help solve the security issues inherent with mobile payments.
Researchers are working on a new technology that is, essentially, an on-off switch for credit cards. The cards will be equipped with a simple electric circuit. When consumers hold their finger over a specific spot on the card, such as the logo, they complete the circuit, allowing NFC terminals to interact with the card. Once the circuit is complete, consumers can use their card to make purchases. By default, the card will be off at all times.
Researchers have presented a simple solution to what seems to be a complicated problem. They claim that this technology would be much more secure than the security technologies found in most mobile payment applications available today. Given the strict regulations that financial institutions must adhere to, they may be unlikely to continue allowing telecommunications and technology companies gamble with the safety of people’s financial information.
Filed under: Featured News, Mobile Commerce, Mobile Commerce Security, Mobile Payments, Near Field Communications · Tags: android mobile security, google wallet, internet security, mobile application security, mobile banking security, mobile commerce, mobile commerce security, mobile credit card payment, mobile credit card payments, mobile data security, mobile device security, mobile payment, mobile payment application, mobile payment companies, mobile payment platform, mobile payment processing, mobile payment providers, mobile payment service, mobile payment services, mobile payment solution, mobile payment solutions, mobile payment strategies, mobile payment strategy, mobile payment system, mobile payment systems, mobile payment technologies, mobile payment technology, mobile payments, mobile payments technology, mobile phone payment, mobile phone security, mobile phone security software, mobile security, mobile security applications, mobile security device, mobile security products, mobile security software, mobile security system, mobile security systems, mobile web security, mobile wireless security, nfc mobile payment, nfc mobile payments, nfc technology, Pittsburgh Swanson School of Engineering, secure mobile, security mobile, windows mobile security software