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Survey: Nearly Half of 47 Billion Mobile Payment Transactions are Not Secure

Survey: Nearly Half of 47 Billion Mobile Payment Transactions are Not Secure

by Samburaj DasSeptember 28, 2015

A global survey questioning over 900 cybersecurity experts has revealed the biggest security risks affecting the mobile payments market along with the best security measures that ought to be implemented.

The 2015 Mobile Payment Security Study, conducted by ISACA has revealed that an overwhelming majority of cybersecurity experts (87%) believe that mobile payment-related data breaches will increase over the next 12 months.

According to market research firm – Future Market Insights, the global mobile payment market that includes services such as Apple Pay, Google Wallet and PayPal will be worth an estimated USD $2.8 trillion by 2020.

The Global Survey Results can be downloaded here (.pdf).

John Pironti, a risk advisor at ISACA, notes that:

Mobile payments represent the latest frontier for the choice we make to balance security and privacy risk and convenience.

The Numbers and Figures from the Survey’s Findings

From the 900 cybersecurity experts polled in the survey:

  • 47% or nearly half of all experts believe mobile payments today are not secure.
  • Only 23% of experts believe that mobile payment systems are secure.
  • Despite 42% of the respondents using mobile payments this year, 87% of all experts believe data breaches from mobile payments will increase in the next 12 months.

The experts also pointed to the top 4 vulnerabilities putting mobile payments at risk. They are:

  • The use of public Wi-Fi while making payments online. 26% of all polled experts believe this to be the most significant vulnerability with mobile payments.
  • 21% of respondents point to lost or stolen devices being the second biggest vulnerability affecting mobile payments.
  • 18% point to phishing and SMSiShing (Phishing attacks via text messages).
  • 13% of experts also believe weak passwords to be a significant vulnerability.

Furthermore, cybersecurity experts picked the three most efficient ways to make mobile payments more secure. They are:

  • The use of two-factor authentication.
  • The use of a temporary authentication code.
  • The use of mobile-based security applications for better security.

Christos Dimitriadis, the international president of ISACA, speaking about consumer awareness with mobile payments security said:

People using mobile payments need to educate themselves, so they are making informed choices. You need to know your options, choose an acceptable level of risk, and put a value on your personal information.

The Global mobile payments market has seen a rapid increase of transactions due to the aggressive growth in the usage of mobile phones and tablets in society.

In 2015, global mobile payments transactions will, for the first time, overtake e-commerce transactions by nearly 10 billion overall transactions overall.

Image from Shutterstock.

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