Mobile Payments Security Concerns to Heighten in 2015, Says Omlis

Mobile Payments Security Concerns to Heighten in 2015, Says Omlis Image Credit: Omlis

By Markus Milsted, Founder and CEO, Omlis. 

Mobile commerce is growing and growing fast. Today more than a quarter of the global population are using one or more mobile commerce services and the mobile phone is playing a huge part in everyday consumer experiences like banking and shopping. Omlis, a global provider of mobile payment security solutions, offers insight into upcoming mobile security trends for mobile payments and applications, and predicts that mobile security will continue to be a major concern in 2015. 2015 will see the gap widen between successful companies that harness mobile payment technologies as a secure, convenient service to consumers, and those who fall behind technologically or fail to grasp the importance of security on mobile devices and within payment transactions.

#1: A NEW STRAIN OF FRAUD: MOBILE PHONE AND MOBILE PAYMENT ATTACKS

With every new digital solution comes a wave of new problems. We can expect to continue finding new security holes in mobile technologies in 2015. Security solutions in the past have not held up, with millions of accounts breached this year and incremental losses of vulnerable consumer information. Mobile attacks account for a significant portion of this, and mobile payment providers can expect to see more fraud from the mobile channel next year.

Markus Milsted,
Founder and CEO,
Omlis

#2: THE INCREASE IN MOBILE PAYMENT TECHNOLOGIES BRINGS HIGHER RISKS

Personal financial data was increasingly vulnerable in 2014. In quarter three alone, 183 million accounts were said to have been compromised - a 25% increase in data breaches on the previous year. This loss was seen in financial services, retail, and on social media, which are also the top channels for mobile payments. Consider the growth in the adoption of mobile banking and mobile shopping apps, in both consumer and enterprise environments. Social networks are also hinting at mobile payment capabilities, which will pose an entirely new threat for consumer data.

#3: MOBILE SECURITY AS A TOP PRIORITY

Many businesses don’t realize the threats they are facing through their mobile integration of mobile shopping apps and mobile payment technologies. Identity fraud, hacks, and loss of personal data are all possibilities – especially when you consider that a large percentage of businesses haven’t taken the necessary steps to ensure protection of consumer data within mobile payment technologies. With mobile becoming a top target, mobile security will be of utmost priority for mobile app developers and more specifically those looking to deliver mobile payment processing.

#4: MOBILE PAYMENT APPS WILL ALLOW MORE INTEGRATION, SPEED, AND INSIGHT

Mobile technology allows providers to capture and analyse a wide range of consumer data. In previously ‘unbanked’ communities, transaction data will tell new stories about consumer lifestyles, technology preferences, and the global economy. For businesses deploying mobile payment solutions, real-time analysis can ensure systems are consistently up and running to provide better customer service. Mobile banking technology will completely disrupt financial services on a global level. For consumers, mobile banking will continue to offer heightened convenience. You’ll be able to see your bank balance when paying at a till, and more mobile payment applications will offer the convenience of direct-from-bank payments, avoiding the inconvenience of a digital wallet.Mobile payments have the potential to deliver a new, safe, and convenient way to budget with instant payment transactions and enhanced budgeting in real-time.

About The Author:
Markus Milsted is the Founder and CEO of Omlis, a mobile payment security solutions provider. His background and education in music led him to discover a unique encryption technique for mobile payments, which resulted in the formation of Omlis’s patented mobile payment technology. Markus studied Business and Enterprise at Newcastle University and then went on to complete a Masters in Music Production from Leeds Metropolitan University, and has been involved in successful start-ups and innovation from a young age.

 

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