7 Cyber and Mobile Security Trends
Published December 5, 2014 1:13 PM
|
Updated October 20, 2016 10:19 AM
1 Min Read
As mobile commerce and other new technologies change the way people shop, fraudsters are changing their methods to adapt. Banks, fintech providers and consumers are all looking at security in new ways. (Image: iStock)
Cyber Monday = Fraud Monday
More shopping is taking place on mobile devices, and fraudsters are taking notice. "The amount of mobile malware is increasing and it compromises both consumers and merchants," said Aaron Kline, director of e-commerce for ID Analytics.(Image: iStock)
Foot Traffic
Fraudsters are also visiting stores in person after making bogus purchases online. When stores refuse to ship items to addresses other than the credit card's billing address, scammers choose the "in-store pickup" option instead. (Image: iStock)
Passwords Punch Out
MasterCard and Visa are both working to phase out passwords in favor of more secure means of authenticating online transactions. This is especially important for mobile devices, where consumers use the same password on nearly 40% of accounts, according to Javelin Strategy & Research. (Image: Shutterstock )
Emrah Turudu
TouchID Tests the Waters...
Apple's decision to require fingerprint authentication for mobile payments has brought biometrics back into the spotlight. Other phone makers, such as Samsung, also embed fingerprint readers in their devices, making it possible for this method of authentication to spread beyond Apple Pay.(Image: iStock)
...as Biometrics Hit a Barrier
Even if biometric technology can find a home on mobile devices, it may not be welcome everywhere. Robocoin , a Bitcoin ATM maker, found the use of palm vein scanners on its machines to be slow and intrusive. "Launching with [biometrics] was cool, removing it was even better," said Jordan Kelley, RoboCoin's CEO.(Image: iStock)
Breaches on the Brain
The past year's steady stream of retailer data breaches has rattled consumer confidence around the world. In a recent FICO survey, 70% of respondents in the U.S. said they remain worried about payment security , as well as 75% of Canadian respondents and 66% of respondents from the U.K.(Image: iStock)
Not for Beginners
The most enthusiastic early adopters of Bitcoin are willing to trade convenience for security. Companies like Armory use a method called "cold storage " to protect digital funds by storing them on computers that do not connect to the Internet. Early versions of Armory's product also required hefty computer hardware.(Image: iStock)
