Mobile Payment Guidelines: Implement or Revise Mobile Fraud Solutions

Yesterday, the PCI
Security Standards Council
issued guidelines outlining secure measures for
accepting mobile payments. The ultimate goal of implementing these new
guidelines is to help companies achieve secure mobile applications so
businesses of all sizes can offer mobile payments. The downloadable
, outlines the three main risks when involving mobile payments by
giving three clear objectives:

  1. Prevent account data from being intercepted when entered
    into a mobile device
  2. Prevent account data from compromise while processed or
    stored within the mobile device
  3. Prevent account
    data from interception upon transmissions out of the mobile device

As Troy Leach, CTO of the PCI Council, stated, We know
people are excited about this new technology[but] mobile payment is still in
its infancy and needs to be approached with a certain amount of caution. This
is perhaps the biggest caution that companies should be taking from these new
guidelines. As mobile
become more mainstream more guidelines are sure to come meaning
businesses who were earlier adapters may find themselves revising their business
models. Companies who already offer mobile payments solutions need to adjust
their current mobile
fraud prevention solutions
to ensure they do not get far behind with best
practices. Businesses who have not implemented mobile payments but see it as a
future endeavor, should consult online fraud solution
companies as a resource to make the transition compliant.

Small businesses have the largest battle to fight. As mobile
payments are often the most convenient way for small companies to operate, they
also take on a huge amount of risk both financially and for reputations sake. Real-time
security providers can accommodate for companies in any industry of any size.
As the world becomes more hypnotized and dependent on the mobile revolution,
mobile security will become second nature. Mobile security education is at the
most crucial stage of its existence. With the launch of the iPhone5
more and more companies will be finding innovative ways to reach and serve
their consumers via mobile. As companies move in this direction, or revise
their current solution, they need to be aware of the importance of mobile
security and the resources available to make their business successful.

[Contributed by EVS marketing]

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