In today’s cutting edge innovation world, everything is changing to wireless, cardless, and paperless. Whatsoever happening in the world are at your fingers by means of smartphones. After the evolution of mobile payment apps, you no longer need a physical card to pay your bills or swipe it at the restaurants. All you need is to install mobile payment apps and pay bills on the go. Whenever a new technology lands in the market, it accompanies new vulnerabilities and risks.
As far as the new payment technology is concerned, it is crucial for both the service payment providers and users to understand the technology and its vulnerabilities in order to make it a reliable product. When there is breach in the security of this payments system, regardless of the possibility that the imperfections distinguished don’t include significant dangers, companies regularly conceal their mix-ups or take hazardous, ascertained dangers trying to maintain a strategic distance from frenzy – or basically to cut expenses.
With mobile payments apps, you can part the restaurant bill with your colleagues with a couple of clicks. In all the comfort, bear in mind that mobile payments app is questionable, and your bank credentials are at risk, if you aren’t watchful.
5 Security Risks Mobile Payment App Users Encounter
Neglecting to Learn About App Security Measures
A lot of people unwind their enthusiasm in reading the terms and conditions of mobile or any other applications when they agree to register. It is not that much important with normal apps, however with regards to mobile payment app, it is vital to peruse their terms and conditions and see how they deal with your data and how they protect them. For instance, Apple Pay and Android Pay make account numbers particular to your gadget and utilize those to trade cash to retailers, letting your card data out of boundary.
As I said the payment services are new and payment service providers are yet discover all security measures indeed. Moreover, it is possible for a hacker to steal your data during data transmission because the possibilities are endless.
Depending on Weak Phone Security
When you use amobile payment app or store your bank account information on your smartphone, you ought to ensure about the security level of your phone in the first place. Set up lock passwords and patterns for your phone as well as for your app, and that shouldn’t be perceived effectively. Avoid using your personal info as passwords like your birthday date, names, number series, etc. Set string passwords for your phone and within the mobile payment apps.
These days with advanced technologies you can operate your phone or device remotely. Set up remote phone lock and wipe features so if you phone has been lost, you can immediately lock the device and erase the data right away.
Spy and Malware Software
When your phone is infused with a spy or malware, they can steal all your information if it is stored in your phone or while you enter it during transactions on the fly. You should protect your smartphone with antivirus from trusted services. Rather using free license, you can use paid license as they offer full protection to your phone.
You should always use double authentication services during transactions. Never store your data within the mobile payment like auto-passwords and make sure to set up to enter PIN-code manually for every transaction.
Using Open Wi-Fi
Many people connect to Open Wi-Fi wherever it is accessible deliberately or unexpectedly. We used to leave our phones with Wi-Fi turned on while we are out and that will pick up the Wi-Fi signal and connect automatically. Those Wi-Fi signals can be malicious too.
Hackers are everywhere and the Wi-Fi you trust may not be protected as well. If you are in a restaurant and join their Wi-fi which you think they are safe as they require password to connect, remember there might be a hacker sitting next to you connected to the Wi-Fi with the same password. With few lines of code, the hacker can insert malicious code in your mobile and grab all your financial related data.
So never join any open Wi-Fi and don’t ever access your mobile payment app when connected to unreliable open Wi-Fi’s.
Vulnerabilities with Network Protocols
Several new payment services utilize messaging protocols with data transmission system that won’t provide reliable level of security encryption. That makes feasible for hackers to intercept the transmission and grab data on the fly. They can steal any type of data, particularly payment authentication information. So make sure that your payment service uses high level electronic signature and encryption for the entire process of payment between your phone and payment service.
According to a recent study by ISACA, only 23% of cybersecurity experts believe that mobile payments are safe in securing your information. As we are dependent on mobile payment app these days, we should be smart enough to know who access our data.