Security fears hit confidence in mobile payments

More than two thirds of global consumers (70%) fear hackers could steal their personal information when they use a mobile wallet, and 67% worry their money could be stolen, a report from Oxford Economics and Charney Research says. “We found companies underestimate consumers’ enthusiasm for mobile payments, and businesses must do more to address their customers’ security concerns,” adds Oxford Economics, following the survey of 2,000 consumers and 300 business executives around the world.

  • Willam Hugh Murray, CISSP

    It would be ironic if anyone preferred mag-stripe, or even contact EMV, to mobile wallets on security grounds. Whatever people may tell pollsters, in practice they prefer convenience to security. This is demonstrated by the rapid growth in adoption of mobile payments.

    • tim242

      Samsung Pay with MST is great!

      • Willam Hugh Murray, CISSP

        I agree. MST is great. I miss it. My MST device is okay but the software no longer works. I was hoping that Samsung would exploit MST outside of Samsung Pay but so far, no joy.