Security Risks And Vulnerabilities Of Mobile Payment Applications Essay

The ever-growing mobile apps also are used to track and: send personal information, including names, to many advertising and Internet tracking companies. When we look at the overall threat to consumers, we see that this a major danger to consumers as these can access personal information which is like robbing a consumer of their privacy and confidentiality.

This article gives a synopsis of threats to the mobile devices and the data existing in them and the available defenses. It classifies seven different types of threats on mobile devices and then it discusses about the precautions that can be taken to avoid these threats. It recommends how to prioritize the different threats and defenses.

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

New technology has spurred innovative ways to spend money. As mobile payment systems continually develop, consumer financial and personal information risk exposure. Industry officials state the technology is growing, but security specialists argue growth of will inevitably attract fraud. Smartphone owners must treat their phones as a miniature computer and equip proper anti-virus and malware software. Enacting preventative methods will help thwart security breaches over mobile networks. (Ladendorf, 2013)

Payment processing has become more universal. Each transaction, whether it's in-store, eCommerce or mobile, needs to deliver a seamless integrated buying experience at any time of the day and on any device being used.

Identity theft is one of the growing crimes in the United States due to the fact people do not know how to properly protect themselves against it. Criminals use different methods to acquire the information necessary to steal someone’s identity. Some of the techniques used to commit identity theft are; stealing wallets, acquiring bank information or pilfering through trash to find documents containing PII (FBI, n.d.). Nowadays criminals are able to steal people’s identity using different procedures over the internet without having to compromise their identity. Some of the methods are social engineering, phishing, sending spam messages and malware (OLI, 2013). Criminals use these methods because with the use of technology, identity theft could be accomplished anonymously and without much effort. Also because people lower their guard about securing their personally identifiable information when using the internet, especially when using social networks, they become easy targets to

Online shopping has become a lifesaver for many consumer providing conveniences; convenience sells. Today’s consumers expect to see a company’s presence online with the top social media tools including Facebook and Twitter. With the advancements in mobile technology, consumers can make purchases with the click of a few keystrokes on their smartphone. These purchases require customers to enter in their personal information, including mailing address, email and banking information. Entering this information online can open customers up to the threat of hackers stealing their personal information including their bank account information.

Bank of America is a multinational banking institute and one of the most trusted in the banking industry. This organizations sole purpose is to protect the customer’s confidentiality and assets by ensuring that data protection is the number one priority; however any organization when holding personal information can be a victim of data breach and BoA is not exempt. One of the largest risks BoA faces today is Mobile Banking. This consumer convenience is used by fifty percent of smart phone owners (Finney, 2014). Phishing is also threat to the banking industry; this strategy by hackers allows the extraction of consumer passwords and other sensitive information. Hackers targeting banking institution employees with convincing e-mails that fool them into clicking on malicious links-which ultimately compromise their credentials or

We are living in the world where we are required to yield our personal data information to authority or companies such as names, date of birth, social security number or even credit numbers (Magalhaes, 2012). We may be aware that the personal data can expose to unauthorized people if our data is not secure properly, either via wire or wireless network. Lost or stolen data has been seen while data is transferred between different users using both networks. Can we trust companies to keep our data safe from being lost or misuse? Yes, we can. With new cyber-crime laws are enforced, it is in the company's best interest to keep their customers' data more secure (Magalhaes, 2012). This article will summarize the major security risks and threats to

Mobile payments are defined as payment services operated under financial regulation and performed from or via a mobile device, namely a cell phone. The use of mobile payment is a substitute for traditional forms of payments. The idea to use non-coin-based currency systems has been developing for years yet it is only now becoming popular. Nowadays, most phones are produced from three or four companies due to economies of scale. This has meant that having five or six mobile payment apps is feasible and profitable due to network effects. If there were a hundred mobile payment apps, less people would use them because it is likely that no two people will have the same app, and thus it cannot be used for

Therefore, it is essential to address issues like security of the banking transactions that are executed from a distant place and transmitted over the air. Besides this, it is also important to ensure the security of financial transactions, if the device is stolen by hackers. If these concerns are properly addressed, then it would help increase the popularity of mobile banking by instilling a sense of trust among the customers.

Attention getter: I was checking my email and I ran across a message from PayPal, a popular internet site for processing online payments, that indicated that my account was being frozen due to suspicious activity and then asked me to verify personal information. I know for a fact that PayPal never asks for personal information via email so, I was being targeted for a scam to gather personal information. I wondered, how safe am I really, how much of my information can be used against me? Against anyone? I decided to investigate the phenomenon of the invasion of privacy and the business of information gathering in order to determine the overall damage done to those of us who trust supposedly secure websites, devices and businesses.

During the holidays close to Christmas, it always seems that big name tech companies are always releasing their new and improved product that people all love. Whether it’s the: IPhone 6, Xbox One, or PlayStation 4, there’s no doubt that customers can’t wait to own one. When more features and functionality get added to these popular devices, they can definitely make everyday life more convenient and more enjoyable for day to day user. IPhone 6 new feature called Apple Pay, allows users to pay from their phone by just holding their phone and then touching the Touch ID to confirm their purchase and identity. Along

Thesis; Along with the efficiency mobile devices render, come along its risks, in which raises substantial security and privacy concerns. It’s important to be aware of the possible threats a mobile can have, along with knowing what and how to secure information, as well as trying to prevent threats from happening.

The last decade has witnessed a lot of growth of mobile communication devices and wireless technologies across the globe. This has led to a change in the way many activities are conducted and opened the way for m-commerce, which is e-commerce's next evolutionary stage. The significant power of m-commerce is primarily as a result of the ability to connect wireless devices anytime, anywhere (The Future of Mobile Payment Systems : Rise of the Mobile Wallet 2012-2017 [Electronic version], 2011).