More than eight out of ten cybersecurity expect an increase in mobile payment data breaches over the next 12 months, yet 42% have used this payment method in 2015.
The 2015 Mobile Payment Security Study from global cybersecurity association ISACA suggests that cybersecurity professionals are willing to balance benefits with perceived security risks of mobile payments.
• Only 23% believe that mobile payments are secure in keeping personal information safe.
• Nearly half (47%) say mobile payments are not secure.
• At 89%, cash was deemed the most secure payment method, but only 9% prefer to use it.
The global mobile payment transaction market, including Apple Pay, Google Wallet, PayPal and Venmo, will be worth US $2.8 trillion by 2020, according to Future Market Insights.
Survey respondents ranked major vulnerabilities associated with mobile payments:
Use of public WiFi (26%)
2. Lost or stolen devices (21%)
3. Phishing/shmishing (phishing attacks via text messages) (18%)
4. Weak passwords (13%)
The most effective way to make mobile payments more secure is using two ways to authenticate their identity (66%), and requiring short-term authentication codes (18%). Less popular was installing phone-based security apps (9%).
In the emerging mobile payment landscape, there is no accepted understanding of who is responsible for keeping mobile payments secure”consumers, payment providers or retailers. One approach is to use the COBIT governance framework to involve key stakeholders in deciding on an acceptable balance of fraud rate vs. revenue.
ISACA established Cybersecurity Nexus (CSX) to help address the global cyber security skills gap.
For data, background and forecasts on ISACA: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).