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Mobile payments data breaches to increase: experts

ILLINOIS, September 25, 2015

A majority (87 per cent) of cybersecurity experts expect an increase in mobile payment data breaches over the next 12 months, with 42 per cent of them using this payment method this year, according to a survey.
 
The 2015 Mobile Payment Security Study from global cybersecurity association ISACA, which included 900 cybersecurity experts, suggested that cybersecurity professionals are willing to balance benefits with perceived security risks of mobile payments.
 
Only 23 per cent believed that mobile payments are secure in keeping personal information safe. Nearly half (47 per cent) said mobile payments are not secure.
 
At 89 per cent, cash was deemed the most secure payment method, but only nine per cent prefer to use it.
 
John Pironti, risk advisor with ISACA and president of IP Architects, said: “Mobile payments represent the latest frontier for the choice we make to balance security and privacy risk and convenience.
 
“ISACA members, who are some of the most cyber-aware professionals in the world, are using mobile payments while simultaneously identifying and contemplating their potential security risks. This shows that fear of identity theft or a data breach is not slowing down adoption—and it shouldn’t—as long as risk is properly managed and effective and appropriate security features are in place.”
 
The global mobile payment transaction market, including Apple Pay, Google Wallet, PayPal and Venmo, will be worth US $2.8 trillion by 2020, according to Future Market Insights.
 
The survey respondents ranked major vulnerabilities associated with mobile payments, including use of public WiFi (26 per cent), lost or stolen devices (21 per cent),
phishing/shmishing (phishing attacks via text messages) (18 per cent), and weak passwords (13 per cent).
 
The most effective way to make mobile payments more secure is using two ways to authenticate their identity (66 per cent), and requiring short-term authentication codes (18 per cent). Less popular was installing phone-based security apps (nine per cent), said the study.
 
Christos Dimitriadis, international president of ISACA and group director of information security for Intralot, said: “People using mobile payments need to educate themselves so they are making informed choices. You need to know your options, choose an acceptable level of risk, and put a value on your personal information.
 
”Embrace and educate about new services and technologies.”
 
In the emerging mobile payment landscape, there is no accepted understanding of who is responsible for keeping mobile payments secure—consumers, payment providers or retailers, said the study.
 
One approach is to use the COBIT governance framework to involve key stakeholders in deciding on an acceptable balance of fraud rate versus revenue, it added. - TradeArabia News Service



Tags: Mobile | data | payment | expert | cybersecurity |

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