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BizReport : Mobile Marketing : October 09, 2015

Half of cybersecurity experts say mobile payments are not secure

According to the Information Systems Audit and Control Association (ISACA), nearly half of cybersecurity experts say mobile payments are not secure and present significant security risks.

by Helen Leggatt

In their survey of more than 900 cybersecurity experts ISACA found that 47% think mobile payments are not yet secure. Almost all (87%) believe there will be a significant increase in mobile payments data breaches in the coming year.

The use of public WiFi was ranked the top vulnerability by 26% followed by lost or stolen devices (21%), phishing (18%) and weak passwords (13%).

To make mobile payments more secure, the experts recommended various methods:

- 66% suggest using two way to authenticate user identity;
- 18% suggest using short-term authentication codes; and
- 9% recommend the use of phone-based security apps.

"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, Ph.D., international president of ISACA and group director of information security for INTRALOT. "Embrace and educate about new services and technologies."

Despite most of the experts surveyed predicting an increase in data breaches over the next twelve months, and only 23% believing that mobile payments are secure in keeping personal information safe, 42% continue to use mobile payment technology. However, 89% admitted that cash was the only real safe payment method, although only 9% prefer to use it.

Image via Shutterstock

Tags: mobile payments, mobile technology, security threats

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