Competition in the mobile payments sector has led to significant advancements in a very short period of time. As smaller firms have begun to take up a much larger portion of the overall market share, though, security issues have seemed to be the biggest and most widespread concerns.
ITWorld recently reported that the security question regarding mobile payments will in many ways dictate if the transaction processing method continues its rapid growth in the marketplace, or if it levels off before reaching its highest potential. The author points out that one specific issue with such systems is observable barcodes. According to the source, some platforms provide too much visibility of potentially endangering information to potential fraudulent forces, which is a big problem considering the relatively low amount of data a criminal needs to steal card data. It suggested providers of these systems go an extra step to not put any information into the view of others around the user. ISACA recently released a white paper that explained some of the biggest risks inherent with mobile payments, as well as how the players in the industry could begin to eradicate them. These include the visibility of payment data, improved device security and more.