Concern ignited over the perceived fallacies of NFC technology
New mobile commerce services were recently launched in Singapore, but consumers have shown concern regarding the security of these services. Attention has been drawn to NFC technology, which has been the subject of criticism lately due to its possible security fallacies. During this year’s Black Hat security conference in Las Vega, Nevada, it was suggested that NFC technology, by default, is not safe in terms of mobile commerce. The companies behind the launch of mobile commerce in Singapore, led by Gemalto, a digital security company, claim that NFC is, indeed, safe enough to use for mobile transactions.
Consumers show caution in mobile commerce
While mobile commerce has managed to take the financial world by storm, drawing in a multitude of companies spread across equally numerous industries, consumers have remained cautious concerning the safety of mobile payments. The consortium of companies that brought mobile commerce to Singapore, including DBS Bank, Citibank, SingTel, EZ-Link, and others, have taken these concerns to heart and have been working to address the issue. Much of the concern coming from consumers in Singapore seems to be focused on the use of NFC-enabled SIM cards for mobile devices.
Consortium draws attention to the security features in place in the industry
Gemalto, one of the companies forming the consortium, claims that there are no inherent security dangers that exist in NFC technology. NFC is, largely, a passive technology, used only to facilitate mobile payments through the transmission of digital information. Gemalto notes that consumers can install simplistic password applications on their mobile devices that regulate the access NFC technology has to their financial information. The banks participating in Singapore’s mobile commerce have also introduced daily spending limits, which are designed to mitigate the financial impact associated with the theft of an NFC-enabled mobile device.
Education may be key to mobile commerce security
The consortium has conceded that NFC-enabled mobile devices are likely to be a popular target amongst hackers and other cybercriminals. The consortium believes that the security features that it has created to protect consumers are capable of withstanding all but the most elaborate of attacks, but that consumers must know how to protect themselves in order to stay safe. As such, the consortium has launched a tentative campaign to educate consumers on the best ways they can make use of the security features that exist in Singapore’s mobile commerce scheme.