Mobile Payments Gaining Ground, But Hold on to Your Wallet
Can new mobile payment systems such as Apple Pay be trusted? This is one of the hottest topics of the payments industry this year. It can be said that consumers have been slow in adopting these payment methods due to the perceived security risks associated with them. Professionals within the industry also have their concerns.
It’s a new frontier. We don’t know how much fraud is really going on.”
Although mobile payments offer consumers the convenience they demand, they also present unknown risks that Monica Eaton-Cardone, the COO of Chargebacks911, recently addressed. Eaton-Cardone expresses her concerns for the security issues associated with mobile payments; she feels the evolution of technology leaves consumers more vulnerable to fraudsters.
The mobile industry is so quickly evolving – there’s new software, there’s new operating systems, there’s also additional new hardware and technology, and as a result, this means additional patches and new vulnerabilities.”
It is important that consumers do everything they can to protect themselves from becoming victims of fraud. Adopting simple tactics such as regularly changing your password will add another layer of security to your personal information.