Security problems may be driving people away from mobile payments

mobile payments trends

Consumers and IT professionals have major concerns when it comes to mobile security

Security concerns may be driving consumers away from mobile payments. A recent survey from Experian has found that a significant portion of consumers believe that the mobile space is particularly prone to digital risks. Several companies have become involved in the mobile payments space, but they have not yet become acclimated to the security risks that exist therein. As such, faith in the ability to protect consumer financial information may be waning for many consumers.

Survey shows that IT professionals see major security risks in the mobile space

According to the survey from Experian, 24% of IT professionals believe that the most significant risks that exist in the payment ecosystems of their companies lie in the mobile sector. This concern is shared by consumers, many of whom have taken note of the cyber attacks that have been carried out against large organizations that have become involved in mobile payments. For these consumers, participating in mobile commerce is seen as a risk in itself.

Mobile payment platforms are using better security solutions

mobile payments trendsMany mobile payments platform have begun to incorporate robust security solutions, such as tokenization and biometric technology. Tokenization replaces consumers financial information with digital tokens, which can be used to authenticate payments. Biometric technology uses biological information, such as a fingerprint or facial recognition, to protect transactions. Despite the use of these solutions, however, consumers still have concerns about mobile payments platforms that have not yet been placated.

Digital attacks target even the largest platforms with robust security

Apple Pay is one of the platforms that have been targeted by cyber attacks. In March, Apple revealed that some had begun using stolen credit card numbers in order to activate Apple Pay accounts. The issue may have been a result of the relatively weak verification procedures employed by banks. Banks have begun to improve these procedures in an effort to bring more security to the mobile payments space. This may be an uphill battle, however, as digital attacks tend to evolve at a rapid pace.

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