mobile wallet security Archives

New QR code user ID system to be launched by SafeWallet

07/30/201807/29/2018 Stephanie Beck

QR Code user ID Security System - SafeWallet Launches Updated - cryptocurrencies

The cryptocurrency wallet is upgrading its user identification security. SafeWallet, a decentralized cryptocurrency wallet app operated by China-based Cheetah Mobile, has announced the release of a new QR code user ID system. The major security update will fully replace private keys and mnemonic phrases. The new system is the first of its kind. Until this most recent update, cryptocurrency wallet users have had to use long private keys and mnemonic phrases to back up their crypto-assets, according to a press release from Blockchain Wave Lab. These private keys and mnemonic…

Americans more confident in mobile payment security than global average

03/03/201703/01/2017 John Montgallo

Ninety-four percent of people in the U.S. are comfortable with wallet app security levels. Consumers are placing a growing level of trust in mobile payment security and smartphone based shopping, particularly in the United States. In fact, many consumers expressed greater confidence in their devices than the security of stores themselves. Interestingly, while the United States has not seen rapid adoption rates for mobile wallets, it doesn’t seem to be a lack of trust presenting the greatest barrier. This goes against many of the main predictions about the use of…

Mobile payment security concerns may affect European shoppers

12/28/201612/26/2016 L. Green

An EU agency is cautioning consumers to be aware of the threats associated with wallet apps. The European Union Agency for Network and Information Security (ENISA) has released a report cautioning consumers about mobile payment security. The ENISA report pointed to an “explosive proliferation of viruses and malware affecting mobile devices.” The report included the results of an ENISA study into the threats within the mobile wallet app environment. The study examined the types of mobile payment security threats that have been effectively holding the ecosystem back. It also underscored…

Apple Pay security would “fundamentally diminish” with banks

08/15/201608/12/2016 Jennifer Goula

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…

Mobile security is no higher in payments apps than other applications

12/07/201512/06/2015 Jennifer Goula

A recent study of 10 popular digital wallets showed that even basic levels of protection were absent. A recent study conducted on the mobile security associated with the top 10 smartphone payments apps has determined that these applications lack everything from basic protection and controls upward. While the holiday shopping season is now underway, shoppers might want to understand this risk before paying over mobile. American retailers are now in full swing of the holiday shopping season and while many companies feel that this will be the season in which…