Ensuring Payment Security for Mobile Devices


Mobile

Estimated reading time: 2 minutes

Millennials and members of Generation Z aren’t strangers to the ways of mobile payments processed on their smartphones and mobile devices. Whether by a digital wallet or a brand’s loyalty program/consumer-facing app, 42.2% of people prefer to make their payments via mobile device. mobile

With the general public operating so comfortably on their mobile devices, are they really setting themselves up for success when it comes to the sense of securely completing transactions? Breached data can come in many forms, especially through mobile platforms. Mobile data breaches happen more often than you’d think and unknown to many, which is why it’s so scary. That being said, there are some things to do that can secure mobile payments.

One, Two-Step Authentication

Two-Step Authentication or 2FA is viable option for securing online payments. 2FA is a confirmation method that requires customers to provide an additional piece of data to confirm their identity, because that payment goes through. 2FA can look like the following:

  • Receiving a phone call to confirm the transaction
  • Receiving a text message with a code to proceed with the transaction
  • Providing a biometric identifier (fingerprint, voice/facial recognition)

This is the most common way of ensuring that the transaction has been completed through a mobile device.

Securing the HTTPS

https:/// is typically what you’ll see at the beginning of all web addresses, which ensures a secure connection, while you’re surfing the net. But how is it securing your activities?

  • Taking out the Middleman – all of the data that’s shared between your mobile device and your server will stay private, so no un-invited guests can peer into what you’re doing.
  • Better Encryption – HTTPS uses Transport Layer Security which is a cryptographic protocol that provides a better sense of communication security than its predecessor SSL, which is found in HTTP.
  • Promoting Customer Confidence – Not all sites are sound and secure, so it’s wise to do a little research before ordering all of the ‘Live, Laugh, Love & Poodles’ t-shirts for all of your closest friends. mobileHTTPS is no longer an option for site-owners, but a mandate from Google, where this issue impacts their traffic and conversions as well.

Tokenization is Key

Tokenization works to digitize physical card payments and through using tokens, one can knock out so many birds with one stone. How it works, you might wonder? Tokenization is used to convert primary account number (PAN) into tokens. So, when a user is ready to make the transaction through their preferred mobile device, that token then releases identifying payment credentials to that site’s cache. The platform then verifies the validity of the payment, so an extra level of security can be added to online payments completed by mobile device methods.

So, what does this all mean?

mobileYes, mobile payments can be a simple and quick solution to all of your problems, however, there are some roadblocks that you’ll want to look out for in the meantime. Ensuring that the site you’re shopping from is secure by confirming that the web address reads right is a start, but instilling consumer confidence securely is where it all lies.

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