The Security of Mobile Payment Options
Essentially, mobile payments are faster and more secure than conventional payments. All you need is a payment app to launch a transaction, and because you don’t need to use your card, the risk of point-of-sale (PoS) attacks such as card skimmers are eliminated. Mobile payments are also protected by security measures. However, since it has become a popular payment alternative, attackers could use Man-in-the-Middle (MitM) attacks via fake or malicious apps and data breaches to take advantage of the new payment methods. The app itself could also have coding or process flaws, which can lead to leaked banking information. Additionally, if the device is lost or stolen, the stored financial data could be whisked for malicious purposes. If you’re not careful, your data and credentials could end up in the wrong hands.