In the current time, mobile devices have completely transformed the business and day to day life in the field of interaction. In addition to it has also changed the way financial transaction of all kind are made (Suo et al, 2013). The concept of mobile devices specifically mobile phones is in usage widely and customers are becoming increasingly popular with maximum usage of mobile phones for many motives like secure financial transactions of all kinds that are made. Mobile devices specifically mobile phone is in huge usage as well and customers are becoming more and more familiar with usage of mobile phones for many motives like safe or secure financial transactions through web banking websites.
Analyses of the Issues
Security and Privacy Issues for the Mobile Payment
Cause of issues
While looking at the history, there are many fraudsters that have targeting many kinds of payment vehicles and this is likely to be the main case for mobile payments. Thus, the concept which is upfront and based on counter measures are required to mitigate the overall risk of the double-edged techniques. There are number of risks from mobile payment approach that can be divided since it is emerging or traditional by approach (Thakur & Srivastava, 2014). There is a lot of traditional risk based on denial as well as theft of loss associated with revenue, reputation of brand and consumer base whereas there is emerging risk also based on the usage of mobile payments like money laundering and terrorist associated funding. Therefore, the most widely spread present execution is the bank based NFC model and the emerging risk current is completely out of scope of the current paper. The concept of money laundering as well as terrorist risks mitigating approaches with a source of information from different studies (Slade et al, 2015). Risk associated with the participants in the current mobile payment ecosystem completely depend on the current role of the user based entity, network as well as communication provider or payment service providers. There are some entities like MNOs that can play two of the discussed role side by side (Yang et al, 2015).
- It is very important to carefully play and include all the stakeholders along with procedure and techniques consisting, the option that exists to make security as an intrinsic component of all kind of mobile payment systems. The financial, payment as well as network based service provider should execute the right kind of safeguards as well as privacy and security governance programs. It also lacks clear set of regulations that should not be utilised by the company as an excuse for not being active (Arvidsson, 2014). There is risk from misusing or by authorizing the user like money laundering and threat of illegal usage. The latter area can need support from various new set of laws that will evolve to make sure right kind of protection. Every organization consist of a chain of work based data that must be put in place for a strong and positive control to save such while it is in the custody.
- One main concern is making sure that the transaction must be undertaken is most likely being carried by the person who is authorized to carry it out. Usage of the two-factor authentication will further help in contributing to have a more effective kind of identity to save for the consumers and high identity based assurance for the merchant (Dinh et al, 2013). It is also a case of bank based NFC work and saving or protecting from the transactions that originate from many unauthorised users can be achieved by using dynamic card verification values and CVVs.
- Another crucial factor that can be considered in the current data classification during the transmission as well as storing of the data at many nodes. Companies must also recognize the data which is also considered sensitive and should make sure that right methods are in place. In addition, in case of financial data, it is valuable time to consider the matter of data integrity also (Morosan & DeFranco, 2016).
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