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

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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

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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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Mozido to make use of mobile commerce and security products from MasterCard

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Mozido forms partnership with MasterCard to improve its mobile platform Mozido, a company that provides financial and marketing services focused on the mobile sector, has announced that it has partnered with MasterCard. Through this partnership, Mozido will be incorporating the mobile payments and security products that MasterCard had to offer. These products will be bundled into the services that Mozido provides, increasing its value to its clients and helping the company establish a stronger foothold in the highly competitive mobile market. Mozido platform will be augmented with new payment and…

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Mobile security isn’t good enough for consumers in the US

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The fears that shoppers have when it comes to using their devices is continuing to hold m-commerce back. According to the results of a recent study, a lack of trust in mobile security is continuing to hold back shopping over m-commerce, but it is also invading on the potential success of banking apps. The research showed that almost half of all consumers in the United States say they would never use mobile payments. Intercede, a digital identity firm showed that its “The Rise of the Identity Centric Economy” study revealed…

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Mobile payments may be stuck in a stone age

Stone age mobile payments

Mobile commerce is struggling with an inefficient monetization process Mobile commerce is not as successful as it could be and that is because of an inefficient monetization process, according to mobile payments firm Klarna’s Sebastian Siemiatkowski. The firm suggests that digital commerce is in  type of “Middle Ages,” while mobile commerce is in a “Stone Age.” While e-commerce has managed to flourish over the past several years, mobile commerce has struggled to find a foothold throughout the world. While the mobile space has seen a significant degree of success, it…

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Event in Washington, DC, aims to explore the changing field of mobile payments

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Event will focus on the convergence of Bitcoin, ATMs, and mobile commerce Experts in the financial services industry will flock to Washington, D.C. in September of this year in order to take part in an event aimed at exploring the convergence of Bitcoin, ATMs, and mobile payments. The event will feature some 40 speakers representing groups like the Bitcoin Investment Trust, RoboCoin, MasterCard, and Verifone. Several attorneys and representatives of the federal government will also attend the event, aiming to establish a better understanding of the payments industry. Digital currency…

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Apple patent hints at future of mobile payments

Apple mobile payments

Apple may be ready to get involved in NFC A new patent filed by Apple suggests that the company may be moving forward with its tentative mobile commerce plans. Apple has opted to take a cautious approach to the issue of mobile payments, having taken note of the serious security issues that are related to this practice. In recent years, the mobile space has been flooded with security problems that have caused significant financial damage to consumers and businesses alike. Mobile commerce has become an attractive target for hackers, and…

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Mobile security weaknesses revealed at Money 2020 in Vegas

Money 2020 - First Day - Mobile Security

The general message from the speakers is that awareness will be critical to smartphone payments adoption and success. According to Money 2020 speaker David Abouchar, the senior director of product management at the online and mobile security firm called ControlScan, fraud is among the top barriers to the adoption of smartphone based payments and wallets. According to Abouchar, there are 10 billion acts of fraud on an annual basis. David Abouchar underscored the following important points regarding fraud and mobile security: • What merchants understand of the payment card industry…

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