The Federal Trade Commission has just released a report that reveals its perspective pertaining to the security of mobile commerce and its possible downfalls. The FTC’s mobile security warning comes as payments via mobile devices are on the rise.
The FTC report indicates that with smartphone payments possibly becoming mainstream by 2015, carriers and payment processors like MasterCard, AT&T, Verizon, Visa, Google, T-Mobile and Intuit are gearing up for a very significant growth within this mobile payments environment. The report states that even startups have contributed to making it easier for payment transactions to be accepted. The FTC predicts that more players and, therefore, more mobile security issues, would arise in the near future.
It says that together with the expansion of the mobile payments market, threats from mobile security problems will also go up. With more consumers and more usage, more providers will also infiltrate the marketplace and therefore expand the smartphone and tablet payments industry. This growth will be seen by dubious individuals as an opportunity to work on their modus and exponentially increase mobile security risks.
The report cites a Federal Reserve study, which revealed that in the U.S., 87% of people have a mobile phone. Among them, 44% are smartphones. And inside that figure, 12% have used their mobile devices to make payment transactions within the last year, a majority of these transactions having taken place as online bill payments. This survey indicated that the primary barrier to the widespread adoption of mobile payment s would be these mobile security issues.
The FTC showed that, according to majority of the respondents in the study, the convenience that the service brings is its most appealing feature. Businesses, meanwhile, hope that it will bring them lower processing charges. However, they also identified concerns over dispute resolution, and even worries over the security of mobile transactions in terms of data and privacy.
More articles in this topic
Want to do something fun, exciting, meaningful and will go down in the history books in the next couple of days. Or perhaps, you are just as easily excited about QR Codes as we are. Either way, here is your chance to join a bunch of enthusiastic youth in making the world’s largest QR Code […]Read more
Hot Springs in Arkansas is bringing together history and sports in its latest tourism initiatives. Hot Springs has 26 sites that make up its famed Baseball Trail. These sites are marked by a special marker that commemorates why a certain place is special to the town and baseball. For example, one of the sites talk […]Read more
If for anything, Bitcoin is an interesting piece of currency. The virtual currency is now increasingly being used in real life. Some employees now accept Bitcoins as salary. Online shops and even brick and mortar retailers also see Bitcoins as legal tender that you can pay with. There are groups of ardent Bitcoin supporters as […]Read more
- QR Codes Redefined Shopping in 2012
- QR Codes Help e-Merchants Get Repeat Orders
- Stamford Symphony Finds Success with QR Codes
- Want a Successful Mobile Campaign? Educate Your Customers!
- Make The Move Towards A Mobile-friendly Website
- Black Friday: How Retailers Are Using QR Codes
- Four Simple Ways to Come Up with Timeless and Classic Logos
- QR Code Fire Spreads To US
- Who's In On QR Codes
- Microsoft Relents – Tag Reader For Iphone Users
Google Android news and discussion.
Deliver latest top technology stories and breaking IT news
Near Field Communication (NFC) news, ideas, projects and technologies.
QR Code, Datamatrix and other two dimensional barcode news and analysis.
Tips, advices, how-to's and DIYs for the latest technologies.