So, let’s admit it – it is widespread everywhere. Thousands and thousands of sellers and buyers are connected in this way. And where such a large-scale market appears, there are also scammers who want to grab some of the money for themselves. Therefore, it is important that the systems you use reliably protect you and your customers. This will be discussed further. Everyone wants to save their savings and reputation, right? We think that’s it.
The main types
There are several main offers on the market of such systems. The first thing that comes to mind is mobile wallets. A very simple and popular solution where you can keep your bank, bonus and various other cards. The companies that produce such applications are known to everyone and begin with the following letters – “A”, “G”, “S”. These are the giants of the market. You can pay by pressing just one button.
Another type is QR codes. No matter how you try to describe it in detail, everything is really simple – you take out the camera, point at this very code and everything is ready. For some reason, this method has become popular in Asia. And all over the world, in general.
Next – NFC. You can exchange data over short distances and, accordingly, make payments. This technology is present in almost all modern phones.
Well, let’s not forget about the various banks, because they develop applications. This also concerns us.
What threats can there be
Each technology carries certain risks. Let’s look at what the problems might be.
Phishing and fraud are among the most common threats. Those who make a dishonest living may use fake websites or messages to obtain confidential information. For example, a user may receive a false message. A person enters the data and… loses all funds in his wallet. Or even take out an unwanted loan. In a word, it’s unpleasant.
A hacker can also intercept data when you are connected to an insecure Wi-Fi connection. Yes, and it happens.
I don’t want to talk about viruses and malicious applications, but this is also another serious threat. Please use antivirus software and reliable payment systems. Otherwise, information, money, and everything else may leak.
By the way, even the simple loss of a phone also brings trouble. There is a risk that a bad person will use your data, despite passwords and other security methods.
So what will ensure security?
Fortunately, there is light at the beginning and at the end of the tunnel – there are technologies that will help us. Let’s describe them.
Good old-fashioned data encryption. How it works: Every time you make a payment, your data is encrypted, turning into a code that cannot be read without the corresponding key. That’s all. Just like a slipper.
Tokenization is almost like encryption. Information is also being replaced. And even if it is suddenly intercepted, it is of no use to an attacker, because they can only be used for the operation that you intended to perform. Great.
Biometric authentication is probably not necessary to explain, but still the point is that it is your biological characteristics that are used to confirm the payment. Accordingly, other people simply will not be able to take advantage of it, because they are… different.
2FA – two factors are needed for recognition. For example, the password and the code received via SMS. It also significantly reduces the risk.
Well, the OS itself is constantly developing built-in security features so that nothing harmful is installed on your phone.
Result
Yes, we came to an end so quickly. In general, developers of mobile payment methods take care of their users and ensure a high level of security. Therefore, as a rule, there is nothing to worry about. Just follow the recommendations and everything will be fine.