Tag: mobile payments security

PayTango makes mobile payments more personal

| March 29, 2013

fingerprint scanning mobile paymentsSecurity becoming a more serious concern as mobile payments grow in popularity

Mobile payments are becoming increasingly popular, a trend that is attracting more attention to the issue of mobile security. Because mobile devices like smartphones and tablets are being used to traffic financial information, they are becoming more alluring targets for malicious groups that would like to exploit this valuable information. Security concerns have put a damper on the growth of mobile payments, but there may be ways to secure financial information without having to rely on the inherent security software of a mobile device or mobile commerce application. Biometrics may be the answer.

PayTango aims to change the way people pay

PayTango, a relatively new technology startup backed by Y Combinator and several investors based in Silicon Valley, California, has come up with a new way to make mobile payments more secure. The company has begun teaming with local universities in order to offer a new, convenient way for students to pay for goods and services without having to rely on credits cards or other forms of physical currency. The technology developed by PayTango quite literally puts purchasing power at the fingertips of consumers.

Biometric system puts a new twist on commerce

PayTango has developed a biometric system that can scan a person’s fingerprints in order to activate a payment. The system can associate a person’s various credit cards, loyalty cards, and even ID with their fingerprints through a simple scanning process. Once these payments methods have been associated with a person’s fingerprints, they can simply tap a biometric scanner in order to purchase products or services.

PayTango system receives international attention

The system is still in an early stage of development and is not yet ready for business applications. PayTango notes that it has received international interest for its system, especially from companies and organizations that have a strong interest in mobile payments. It will take some time before the biometric system can be scaled up for business applications, but PayTango has high hopes for its use in the field of mobile commerce.

Mobile payments security attracts attention of federal agency

| March 15, 2013

Mobile Security FTCSecurity of mobile payments questioned by FTC

Mobile payments are becoming all the rage around the world, but there are major security concerns  that have been gaining more attention in some countries. Mobile commerce is on the rise in the U.S., and while that means more consumers are becoming acclimated to mobile payments, it also means that malicious parties are beginning to target these consumers. The U.S. Federal Trade Commission has released a new report highlighting the potential  threats that exist in the competitive world of mobile payments.

Report highlights threats of the mobile world

The report, entitled “Paper, Plastic, or Mobile?,” sheds light on the issue of mobile payments fraud in the U.S. The Federal Trade Commission has drawn upon the vast amount of information it has received from companies and organizations heavily invested in the mobile commerce industry for the report. The report also contains the concerns that consumers have raised over the issue of mobile security and commerce, with fraud and identity theft being among the most worrisome of issues.

Security lax when it comes to mobile commerce

The report notes that the concept of mobile payments has been a very attractive prospect for years. Despite the anticipation surrounding mobile payments, however, relatively little has been done to ensure the security of mobile commerce. The Federal Trade Commission suggests that there are various ways in which a consumer’s financial information can be stolen and exploited and that some of the security issues that consumers face are inherent in many of the most popular mobile commerce platforms.

Credit cards considered most secure option for consumers

While the report suggests that mobile payments are very effective for purposes such as bill payments and shopping, the Federal Trade Commission remains unconvinced that mobile devices like smartphones and tablets provide enough security to make mobile payments feasible. The agency claims that credit cards offer the strongest security for consumers, especially when it comes to the matter of fraud.