Tag: mobile commerce security

Mobile payments security may bring Visa and Apple together

| August 6, 2014

Security is becoming a major issue for the mobile shopping spectrum

Security is currently one of the greatest challenges facing mobile payments adoption. Many payment platforms have lackluster security features that could leave a consumer’s financial information exposed for exploitation. This has made many people somewhat leery of the mobile shopping and payments space, unwilling to use their mobile devices to purchase products online. Visa is working to solve this problem, however, and has recently announced new products that could improve security in the mobile space and make people more comfortable with paying for products from their mobile devices.

Visa is taking security seriously, introducing a new suite designed to keep mobile transactions secure

Visa recently announced its Visa Digital Solutions, which is a comprehensive software suite that is designed specifically for making mobile payments secure. The suite is meant to provide a set of standards, tools, and services to those wishing to accommodate mobile spenders, enabling retailers and smartphone makers to connect with Visa’s payment infrastructure quickly and efficiently. The solution is designed with security in mind, and that may be a good thing for companies like Apple.

Apple is in need of a security solution that can solidify its place in the mobile payments field

Mobile Payments Security - Apple and VisaApple has a strong interest in mobile payments, but the company has been very slow to introduce its own payment platform. This is largely due to the security concerns that Apple has, having seen other companies launch payment platforms that have been subject to digital attacks. Apple has been looking into developing its own security systems that can protect mobile transactions, but Visa’s new solution could encourage a partnership between the two companies.

Apple and Visa have not yet announced any plans to work together in mobile transactions

Apple has teamed with other companies to address the security issue in the past. These partnerships have lead to the development of security solutions that may make mobile payments more attractive to consumers. A partnership between Apple and Visa may yield yet more protections for consumers interested in shopping online with a mobile device. Such a partnership has not been announced, however.

Brazilian mobile payments platform hacked

| July 7, 2014

Boleto reports that it has been compromised by malicious attack

Brazil’s mobile payments platform Boleto has announced that it has been hacked. The platform is the most popular of its kind in all of Brazil, which has made it a target for malicious groups seeking to exploit financial information. The attack has brought more attention to the issue of mobile commerce security and could have a major impact on whether or not people will participate in mobile commerce in the future.

Some $4 billion has been stolen from Boleto

Boleto notes that the hack occurred over a two year period, with some 500,000 transactions being compromised over that timeframe. An estimated $4 billion in mobile payments has been stolen as the result of the attack. It is still unclear whether or not all of the money involved in the attack has been obtained by the parties involved. Some of the funds may be caught in a sort of digital limbo, waiting to be accessed at a later point in time.

It may take time before money is returned to those affected by the attack

Mobile payments - hackBoleto users were tricked into clicking malicious links sent via email as part of phishing ploys. These links were delivered to several thousand consumers that make use of Boleto somewhat regularly. The attack may affect people’s trust in the platform and in mobile commerce in general. Those affected by the attack may have their money returned, but it could take a significant amount of time for the issue to be adequately resolved.

Mobile commerce security is again thrust into the limelight

Mobile commerce security is an important matter that has yet to see any significant attention from consumers. Platforms like Boleto take steps to ensure the security of the financial information that they are responsible for, but few consumers take the time to ensure that they are adequately protected. Without taking steps to protect themselves, consumers could be exposed to inordinate risks to their financial information. High profile attacks, such as those that have recently targeted prominent mobile platforms and retailers, may be enough to encourage consumers to take security more seriously.