Mobile may be able to curb fraud
While there are still issues with sending payment information over mobile devices, even if they are equipped with high assurance SSL certificates, the executive director of the Smart Card Alliance Randy Vanderhoof said increased mobility may help address fraud incidents and losses, according to an interview with BankInfoSecurity. This should eventually help be a positive step toward safe transactions.
"We still have to live with the legacy security challenges that exist in the U.S. payments market for another few years, while we move the market forward with more security-enabled chip technology," Vanderhoof tells the news source. "It's not going to happen overnight, but the use of mobile is going to speed the process."
He said more information means more security, and the move should be swift. He said companies should look to educate themselves on how payment security works on mobile devices as soon as possible. Vanderhoof tells BankInfoSecurity that near field communications, a set of mobile standards, should also help improve how mobile security handles payments. MobileNFC.eu describes NFC on their website by saying it "is the next generation short-range high frequency wireless communication technology which enables the exchange of data between devices build with this technology."
"Mobile handsets are the main targeted devices for this technology," the website said. "Services built on top of NFC enabled mobile handsets enable users to share and receive information instantly, interact with other NFC enabled devices, and even make fast and secure mobile payments."
Vanderhoof told the news source that there's a lot of information already out there, so people should be paying attention to new updates on mobile payment security. ECommerce websites that accept mobile payments especially need to know the issues surrounding mobile security. These companies need to keep up with security precautions, such as high assurance SSL certificates, in an effort to help protect the company from scammers, hackers and others trying to steal information.