Smart beefs up security in payment service
- MANILA, Philippines – Buying items online or through mobile phones is still a relatively low activity in the Philippines, even when there is gradual growth in Internet and mobile users.
At present, according to Nielsen Philippines, there are about 20 million Internet Users in the Philippines, mostly in urban areas. Another 70 million are mobile phone users.
While there is huge potential in both the online and mobile world, fraud and identity theft remain to be barriers to growth of both e-commerce and m-commerce.
Even in countries such as the US, many people are still apprehensive to buy online much less use their mobile phones to make purchases.
A report by US-based ABI Research showed that over 70 percent of those interviewed about mobile transactions are still concerned about securityContinue Reading
From ABI Research: Mobile Money Security
Challenges and Solutions The security of the mobile channel is perhaps the greatest impediment to the exponential growth of mobile money services worldwide. Consumer perception is that mobile is not safe for personal financial services.
All three mobile delivery options -- SMS, mobile Internet, and downloadable applications -- pose security risks. For mobile money services to fulfil their potential, mobile money service providers must find the proper balance of security and convenience for consumers. What are mobile money vendors and mobile money service providers doing to ensure security? This Brief details specific actions being taken today by leading mobile money service providers and vendors, and makes recommendations for specific actions that need to be taken to ensure security.
