Apple Pay security would “fundamentally diminish” with banks

iOS 8 iphone 6 apple mobile security

The company won’t budge despite pressure from Australian banks to add wallet apps to iPhones. Australian banks have been coming together to try to pressure Apple to include their products on iPhones. However, the American company has insisted that Apple Pay security would suffer if it were to add mobile wallets from the banks. The company is standing firm against the three banks. Apple has opted not to give the banks access to the NFC chip used by its own Apple Pay wallet. The three banks wanted iPhone users to…

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Scary Samsung Pay security flaw identified

Samsung Pay Security

A company representative has revealed that the mobile wallet may not be as safe as previously believed. A Samsung Pay security flaw has been identified. A representative of the company has released a statement to the public to help to explain the problem. The scary component of this report is that it could place the transaction details in the hands of a hacker. This has arrived at a time when mobile payments are only just starting to be accepted by consumers. Among the main barriers to the adoption of mobile…

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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…

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Samsung will launch mobile payments system using fingerprint security

samsung mobile payments technology news

The technology giant will be rolling out a simple transaction system in South Korea by the end of April. Samsung Group subsidiary, Samsung SDS, which is an IT services firm, has now announced its intention to launch a mobile payments system in South Korea that uses fingerprint scanning technology. While the smartphone payments system will get started in South Korea, it will be expanding in the future. Samsung’s plans appear to be to initially launch the mobile payments service within its own home country, but to then move on to…

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Mobile payments reach new heights during the holidays, but danger of fraud still lingers

UK mobile commerce - Woman with shopping bags on mobile

New report sheds light on performance of mobile commerce while also highlighting security issues Online fraud and abuse protection provider Iovation has released a new report concerning the performance of mobile commerce over the past holiday shopping weekend. The report notes that consumers made use of their mobile devices when shopping on Black Friday and Cyber Monday, taking advantage of retail opportunities offered specifically to mobile consumers. Iovation found that, in some cases, people fell prey to fraud, particularly identity theft and complete takeovers of their mobile shopping accounts. Some…

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