BIRMINGHAM, Ala.—The security of mobile payments remains a big concern for cyber security experts, according to a new study.
ISACA, a global nonprofit information systems organization, surveyed over 900 cyber security experts about mobile payments.
“These experts are excited about the convenience of mobile payments, but there are still significant concerns about security,” said Bill Hardekopf, CEO at LowCards.com.
In fact, only 23% of respondents said mobile payments are secure, and 87% predict there will be an increasing number of mobile-data payment breaches over the next 12 months.
Experts believe most of the security breaches will be due to:
1. Using a payment-enabled device on public Wi-Fi (26%)
2. A device being lost or stolen (21%)
3. Phishing, or smishing (18%)
“However, even though these experts expressed concerns about security, they are still using mobile devices to shop. In fact, 42% of the professionals had made a purchase using a mobile payment platform,” said Hardekopf.
ISACA asked experts how security could be improved. The most significant suggestion is using multiple ways to authenticate identity on your mobile device (66%). Using a limited-duration code (18%) and phone-based security apps (9%) were also offered as possible solutions.
Since many kids are also mobile users, 73% of experts said children should be educated about mobile security before they are 13 years old.
“ISACA concluded that mobile payment technology should be embraced, but IT professionals and users needed to educate themselves about, and take precautions against, security risks,” noted Hardekopf.