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
Boleto 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.
Report highlights consumer concerns regarding mobile security
IDG Global Solutions has released a new report focused on the safety aspects of mobile commerce. The report notes that many people are willing to use their smartphones and tablets to shop online, but safety concerns keep them from doing so. High profile cyber attacks on retailers often discourage people from participating in mobile commerce, as they believe that their financial information is constantly at risk of exploitation. Poorly optimized mobile shopping platforms are also keeping people away from mobile shopping as well.
Retailers are finding it difficult to engage mobile consumers in an effective manner
The report notes that many people are visiting mobile websites from their smartphones and tablets, but retail sites have a problem with engaging these consumers effectively. Sites that do not have a retail focus are better equipped to handle mobile traffic, but many retailers have not yet figured out how to cater to the needs of mobile consumers, leaving them with poor online shopping experiences.
Consumers are beginning to favor their mobile devices over PCs and laptops
Many people are beginning to rely on their mobile devices almost exclusively when shopping online. The report shows that an estimated 40% of consumers have abandoned their PCs or laptops in favor of smartphones and tablets. Consumers appear to be particularly fond of tablets when it comes to mobile shopping, as their larger screens provide a more enjoyable shopping experience. Retail sites are somewhat more accommodating of tablet devices, but still suffer from effectively managing mobile traffic.
Security concerns are keeping people away from mobile commerce and many are uncomfortable with how retailers are using their personal information
Security is, perhaps, the most significant problem currently facing the mobile commerce space. Many people are cautious of visiting mobile retail sites because they do not believe that retailers are able to adequately protect their personal information. Some believe that retailers use their personal information for marketing purposes without permission. The security issue is affecting the adoption of mobile commerce among consumers in a negative way, giving people a reason not to shop online with their mobile devices.
