Tag: mobile security technology

As the industry continues to grow and more people consider the use of the services, concerns increase.

Consumers and mobile payments service providers, alike, are expecting this technology to have a considerable impact on the way that business is conducted and products are purchased, but at the same time, there remain a number of concerns that are keeping people from actually using it, quite yet.

There is still growth in in-store purchase, paid bills, and money transfers through smartphone transactions.

At the same time, many experts who are examining this new technology and what mobile payments are doing in the industry say that there are many questions that remain about its privacy and security. This is holding back its progress to a considerable degree as consumers simply don’t trust it enough to feel safe and confident in its use, so far.

At the same time, mobile payments industry execs are saying that the technology is already good and is improving.

Though consumers are hearing that message, they seem to be willing to wait for those improvements to be implemented before they actually put it into use. At the same time, experts in security are also pointing out that the rapid growth of the use of smartphones for mobile payments is also attracting the attention of those who would use it for fraud.

It is precisely this worry that has consumers stepping back and either using the device less than they otherwise would for mobile payments, or simply choosing not to use it at all until they feel that the risks have dropped.

According to a Dallas based organization called NQ Mobile, a company that offers smartphone security software, it witnessed a growth of over 65,000 new malware threats released around the world, last year. This was a massive increase over the 24,000 new threats that were introduced in 2011. This type of issue can cause unsuspecting device users to head to sites where they reveal their financial data so that it can be stolen and used by unethical third parties.

According to Gavin Kim, the company’s chief commercial officer, “It’s a real problem, and it is growing.” Security will clearly be a key issue to overcome before mobile payments can truly take off.

BAE and Vodafone team to address mobile security

BAE Systems, a leading security firm based in the United Kingdom, has announced its partnership with telecommunications giant Vodafone this week. The two companies have entered into a five-year deal through which they will address cyber security issues on various platforms, include mobile devices. Much of the focus of the new partnership will be placed on mobile security, with both companies developing a wide range of communications security products for the mobile space.

Security becoming a top priority as more consumers go mobile

Mobile security continues to be a significant issue throughout the world. More people are purchasing and making use of devices like smart phones and tablets. These consumers are relying heavily on these mobile devices in their daily lives, sharing a vast amount of information through these devices with others. As such, these devices have become popular targets of hackers who are interested in exploiting consumers information for some gain. The issue of mobile security is becoming more important as more consumers begin to participate in mobile commerce.

Evolving state of digital world makes it difficult to establish a lead over hackers

BAE has been looking to expand its cyber security division for some time. Cyber security has, however, proven to be a very difficult sector to find success in due to the constantly evolving landscape of the digital world. New security measures are introduced on a nearly daily basis and hackers routinely find ways around these measures very quickly, making it very difficult for companies to introduce comprehensive security products that address the concerns of consumers. BAE believes that Vodafone can help with this problem as the company has extensive experience in the realm of mobile security and technology.

Cloud-based security system to be introduced this year

Per the agreement, Vodafone and BAE will introduce a new, cloud-based mobile security system to Vodafone’s 1,500 largest corporate clients. This cloud-based system is expected to help protect these corporations from threats such as data breach and fraud. Future security solutions will be introduced for consumers as the two companies further develop their mobile security products.