Tag: mef

Privacy a growing concern in mobile payments field

| April 24, 2013

Mobile Payments privacyPersonal data and how it is collected to cause problems for mobile payments

Data is extremely valuable in the mobile world. There are many kinds of data that can be considered valuable, from sales figures to marketing engagement, but the most important data in the mobile space is a consumer’s personal information. Typically, this information is considered private in the physical world, but is available in abundance online. Mobile payments, marketing, games, and a vast multitude of other mobile-centric activities collect this personal information for one purpose or another. Privacy is quickly becoming one of the most significant issues facing mobile consumers today.

Survey highlights consumer attitude concerning privacy

MEF, a global trade association, has released a new report entitled “Global Privacy Survey 2013.” The report highlights the attitude that consumers have regarding privacy and how their personal information may be being used in the mobile space. Data has helped the mobile world becomes more defined, providing developers with ways to create new, more intuitive mobile applications. Usually, these applications can either be purchased or attained for free, but a growing number of applications, especially those involving mobile payments, are beginning to exchange services for the acquisition of personal information.

Most consumers want to know how their data is being used

According to the survey, only 37% of consumers feel comfortable with sharing personal data with a mobile application. The majority of consumers consider knowing what kind of information an application is collecting to be important and 71% of consumers want to know how their information is being used. It is common for personal information to be sold to advertisers so that more targeted marketing campaigns can be fashioned. Mobile applications are not expressly required to inform consumers that their personal data is being collected in many countries around the world.

Mobile payments may not thrive if privacy is not addressed

Privacy is a major concern where mobile payments are concerned. Mobile commerce involves the trafficking of a consumer’s financial information, which, if stolen, can be exploited and cause significant monetary damage to a consumer. Mobile payments are becoming very popular among consumers, but if mobile commerce applications cannot become more secure, they may not have a future with consumers.

Mobile commerce may suffer trust issues in the future

| February 26, 2013

Mobile Commerce App SecurityStudy highlights concerns consumers have in mobile commerce and elsewhere

MEF, a global community focused on improving mobile commerce, has released a new study concerning online privacy. Over the past few years, privacy has become a major concern for consumers all over the world. With companies, social networks, and even mobile applications, sharing people’s personal information with advertisers, many consumers have become weary of sharing any personal data through applications, especially those concerning mobile commerce. The MEF study highlights some of the concerns that consumers have regarding how their information is used.

Consumers show concern in what information is being collected from them through applications

According to the study, which is called the Global Privacy Report, approximately 37% of consumers are comfortable with sharing their personal information with a mobile application. The study draws upon information collected from ten countries, all of which have strong representation in the mobile space. MEF analysts suggest that many consumers are disinterested in sharing their information with applications because of concerns over security and how this information is being used.

How information is being used is a top issue among consumers

The study shows that 70% of consumers believe it is important to know how their information is being used, and what kind of information is being gathered through mobile applications. Mobile commerce applications, in particular, are of high concern to consumers because of the their use of financial information. While this information is not traded, other personal information is often made available to advertisers and many consumers have expressed concerns that the availability of this information makes it a target for hackers and other malicious parties.

Mobile commerce may suffer from gaps in mobile security

While consumers show a strong concern with how their information is being used and what information mobile applications are collecting, only 18% of consumers lack confidence in the security of their information. The study suggests that there are significant gaps in the realm of mobile security, however, especially when it comes to mobile commerce. If these gaps are continually exploited, the trust that consumers have in their mobile security may wane significantly.