IT advisory firm ISACA is getting behind mobile payments. In a new paper entitled “Is Mobile the Winner in Payment Security?”, the group argues that improving technologies and protocols are equipping mobile payments with key advantages over traditional payment methods.
For example, tokenization goes a long way to keeping user account information secure, with the paper naming it “the security solution that is pushing mobile payments ahead of card payments” in this area. Device-specific cryptograms, which confirm that mPayment data originated from a particular device, are also important. And so is two-factor authentication, an increasingly popular security protocol that has recently been embraced by a diverse range of organizations, from IT giant Google to India’s National Stock Exchange.
ISACA notes that while a study from last year found that only 23 percent of digital security professionals trusted mPayment security, market research firm Ovum predicts that by 2019, the number of mPayment users will have risen from 44.55 million in 2014 to 1.09 billion—in other words, these platforms are popular whether security experts are confident in them or not. But for ISACA’s part, those security professionals should have faith: with major mPayment platforms having embraced the security technologies outlined above, not to mention biometric authentication, in some important ways mPayments are already more secure than traditional payment methods.