Mobile Payment Risks: how can you manage them?
Your company owes it to your customers to do what’s right. That means you must do what you can to manage mobile payment risks. In fact, there is always some risk when data transmission occurs. However, things like tokenization and encryption can significantly reduce this risk. What else should your company be concerned about?
Survey Highlights Vulnerabilities
A 2015 survey of experts in cybersecurity shows serious problems related to EMV mobile payments and in-store mobile payments. 47 percent of 900+ cybersecurity professionals said there are security issues with mobile payments.
The study from ISACA does not indicate any slowdown in the adoption or popularity of mobile payments for consumers, however.
Control What You Can
No doubt, that merchants can’t control most of the biggest threats to mobile payments. They include consumer data transmission using public wifi, stolen or lost devices, phishing, and similar attacks, weak passwords, and user error.
Tokenization and host card emulation are among the ways that merchants can play a role in securing mobile payments. With tokenization, a token, non-sensitive data element acts as a substitute for sensitive data elements.
The host card emulation or HCE technology allows storing transaction credentials and information in the cloud. This is the system that Android Pay and some other mobile payment services use for their mobile payment transactions.
To summarize, a feature-rich robust payment gateway