Tag: mobile commerce security

LoopPay hack will not affect Samsung’s mobile commerce customers

| October 13, 2015

Hack against LoopPay conducted by Chinese group

LoopPay has been targeted by hackers, which has caused concern among consumers using Samsung Pay. LoopPay was acquired by Samsung earlier this year, and this company’s technology is central to Samsung Pay. The hack was noted as being a sophisticated attack by a supposedly government-affiliated group in China. The actual attack occurred back in march of this year, but several events associated with the attack have been identified by LoopPay and Samsung since then.

Digital attacks continue to grow in frequency in the mobile commerce space

Digital attacks are becoming more common in the mobile commerce space, where a great deal of money is now flowing. Because many organizations involved in this space have very limited experience when it comes to mobile payments and the technology needed to secure them, they have become prime targets for malicious groups that seek to exploit the financial information of consumers. Over the years, large organizations have reported cyber attacks on their mobile payments systems, which has lead to the information of millions of consumers being compromised.

Samsung notes that the attack will not affect Samsung Pay users

Mobile Commerce - hackWhile the attack is considered significant, Samsung suggests that it is nothing more than an isolated incident. As such, the information associated with Samsung Pay itself, such as the financial details of consumers, has not been compromised. The company claims that those using Samsung Pay will not have to worry about their information being exploited, but consumers may want to take steps to ensure that their information is secure nonetheless.

Security continues to be a major issue for the mobile commerce space

Security, or lack thereof, has been a major problem that has plagued the mobile commerce space for years. Several companies have become involved in this sector, but they have not been able to keep up with the digital risks that exist therein. Without adequate security, consumers have begun to lose faith in mobile commerce as a whole, which has driven them to remain firmly within the realm of traditional commerce and e-commerce, where they are more comfortable.

Survey suggests cameras may be the key to mobile commerce success

| October 12, 2015

Survey shows that consumers are becoming heavily influence by mobile capture solutions

Mitek, a leading provider of mobile capture and identity solutions, has released the results of a new survey, which was conducted by Zogby Analytics. The survey suggests that the camera of a mobile device is the key to businesses effectively engaging Millennials, who are among the most tech-savvy and mobile-centric demographic in the world. These consumers have become quite involved in mobile commerce and the social aspects of their cameras are influencing their purchasing behavior.

Many consumers are using their mobile devices to make purchases

The survey found that approximately 86% of respondents claimed that have made a purchase or transaction from their mobile device, with 11% of these people doing so on a daily basis. Another 42% noted that their purchasing decision was based on what companies allowed them to do with their mobile devices. Notably, companies that did not support the mobile space in some way lost customers to those that did. Cameras and social media are beginning to play a major role in promoting mobile commerce among Millennials.

Consumers want to bundle all of their information into a singular source

Mobile Commerce - Mobile SecurityThe survey found that 68% of consumers would prefer the ability to take a picture of their information rather than input this information manually. Approximately 28% want to associate all their information, including their credit card and gym membership information, with their driver’s license. Taking a picture of their license could make this information more easily accessible and, in terms of shopping, could make mobile commerce much more convenient for consumers.

Consumers value security over convenience

While consumers value the convenient nature of mobile commerce, they are more concerned for the security of their information. The survey found that 54% of consumers claimed that security was more important than convenient, with data security and identity protection being the most significant concerns. Improved security could ensure that more Millennials become involved in mobile commerce, especially if mobile capture solutions become more capable of meeting their needs.