The security advantages of mobile payments may surprise the public as well as security experts who perceive mobile payments as risky, says ISACA.
ISACA's 2015 Mobile Payment Security Study shows that only 23 per cent of IT and cybersecurity professionals said they believe mobile payments keep personal information safe.
Still, the global number of mobile payment users is expected to reach 1.09 billion by 2019, according to Ovum, up from 44.55 million in 2014.
While modern mobile payment methods offer many benefits, the guide also notes some potential vulnerabilities, including during the one-time enrollment when users register a payment card in the mobile wallet application.
Mobile wallet providers use methods such as sending payment card data and a device's geographical coordinates to issuing banks, and any discrepancies can result in a call seeking additional verification.
ISACA thus encourages vendors that adopt mobile payment options to regularly re-evaluate risk control measures to ensure any new scenarios that could emerge are sufficiently addressed.
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