As consumer confidence in mobile technology grows, mobile devices are being used more and more to transact -- and the need for mobile payment safety is also growing. Although payment security has come a long way, the infrequent credit card data breach that still occurs causes consumers to demand ever more secure payment solutions. While there will always remain concerns about mobile payment security, keeping informed and knowing how to transact securely is an important step in keeping your sensitive data secure. In this blog we’ll look at some common security concerns and tips on how to make mobile payments safely.
The security of private information is a big concern for consumers
Common concerns for customers who make payments with a mobile point-of-sale (mPOS) device might include whether the trader can access their personal data; whether their data can be hacked during the payment processing step; if money from their bank accounts can be stolen or whether data on their phone -- contacts, photos, messages -- can be hacked.
Traders also want peace of mind about the security issues surrounding the receiving of mobile payments
Mobile payment security isn’t just a cause of concern for consumers who are using their mobiles to pay for goods. Traders have also embraced mobile payment solutions such as mPOS devices as tools to let them expand their trade and customer base. The above-mentioned worries will also be relevant to them, as they seek to alleviate their customers’ fears and assure them that mobile payment security actions have been taken to protect their data. In addition, they might worry about whether data on the phone they use as the POS device -- contacts, photos, messages, payment history -- can be hacked.
Tokenisation and Payment Card Industry Data Security Standards are in place to safeguard consumers and merchants
Tokenisation works by converting a card number into a randomised set of digits, which is then sent to and processed by the banks. If the tokens were hacked, the numbers would be worthless to the hackers. Another way to circumvent the threat of data breaches is to use payment processors that are Payment Card Industry (PCI) compliant to the highest level.
Customers and traders can also help reduce the threat of data infringements
The application of mobile payment security lies primarily with the payment processor and the merchant bank. However, there are certain things both patrons and brokers can do to make sure transactions proceed as securely as possible. Here are six tips:
- Download a secure payment app that is provided by a reputable payment services provider with an established track record.
- Make sure your mobile device, and all apps and accounts on the device, are protected with a password. Keep this password safe.
- Keep your devices in a safe place at all times, particularly if transacting in open, public spaces.
- Monitor your online transactions often, using an online banking portal. The more habitually you do this, the sooner it’ll be possible to notice any fraudulent activity.
- Give your customers discretion when taking payment from them using an mPOS. Be sure to look away as they enter their PIN and counsel them to shield the PIN pad with their hand.
- Choose a payment solution that offers a PIN pad on a separate, secure device. This guarantees that none of your customers’ private information is stored on your mobile device.