Mobile payments data breaches will increase, say cybersecurity experts

Majority (87 percent) of  cybersecurity experts expect to see an increase in mobile payment data breaches over the next 12 months, yet 42 percent of them have used this payment method in 2015. A survey of 900 cybersecurity experts, conducted by ISACA, suggests that people who use mobile payments are unlikely to be deterred by security concerns. [caption id=“attachment_428041” align=“alignleft” width=“380”]  Representative Image.Reuters[/caption] Only 23 percent respondents believe that mobile payments are secure in keeping personal information safe, while nearly half (47 percent) say mobile payments are not secure and 30 percent are unsure. Almost 89 percent see cash as the most secure payment method, but only 9 percent prefer to use it. ISACA survey respondents ranked the major vulnerabilities associated with mobile payments: use of public WiFi (26 percent); lost or stolen devices (21 percent); phishing/shmishing (phishing attacks via text messages) (18 percent); weak passwords (13 percent); and user error (7 percent). Reports say that contactless in-store payment will continue to grow. Overall, the global mobile payment transaction market, including solutions offered by Apple Pay, Google Wallet, PayPal and Venmo, will be worth an estimated $2.8 trillion by 2020, according to Future Market Insights. According to those surveyed, currently the most effective way to make mobile payments more secure is using two ways to authenticate their identity (66 percent), followed by requiring a short-term authentication code (18 percent). Far less popular was an option that puts the onus on the consumer—installing phone-based security apps (9 percent). “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,” said Christos Dimitriadis, CISA, CISM, CRISC, international president of ISACA. “The best tactic is awareness. Embrace and educate about new services and technologies.”