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BizReport : Mobile Marketing : January 19, 2015

Mobile payments, and mobile payments cybercrime, to take off in 2015

Retail payments will be transformed by mobile payment technology, according to the annual TMT Predictions report released by Deloitte, but experts believe cybercriminals won't be far behind.

by Helen Leggatt

More than 30 million smartphones will be used for mobile payments in 2015, according to Deloitte, with about 10% of smartphones worldwide used to make an in-store payment at least once a month. In 2014, less than half a percent of about 450 million smartphones did so.

"Smartphones are already being used to check balances, transfer funds and transact online, but they have not reached a 'mobile wallet' status globally," said Jolyon Barker of Deloitte Global. "We predict 2015 will be the first year that all mainstream mobile requirements will be addressed, making smartphone payment options easier, with user friendly security in place."

The process of adoption will be a snowball effect as increasing numbers of consumers become familiar with the process and more retailers in more markets begin accepting such methods of payments.

However, security could be a big issue with cybercriminals following the money, according to to Chris Doggett, North American managing director of Kaspersky Lab, a Moscow-based international information security firm, told the Washington Post.

"It's very easy to predict that as the adoption of mobile payment systems like Apple Pay increases, that attacks will grow to follow that," says Doggett. "It's like that famous saying, "Why do you rob banks? Because that's where the money is." If Apple Pay becomes a big, pervasive system for payments, you can be sure that the criminals are going to be right behind, figuring out how to breach Apple's security and how to steal money."

Image via Shutterstock

Tags: cybercrime, mobile payments, NFC, retail, security

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