Monica Eaton-Cardone Comments on Mobile Payment Security Study Revealing Security Risks

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Despite the convenience of mobile payment technology, consumers are reluctant to adopt the new technology; and with experts weighing in on the security risks, it's a wonder if the technology will ever catch on. Monica Eaton-Cardone of dispute mitigation firm Chargebacks911 weighs in.

Monica Eaton-Cardone comments on mobile payment technology and the lack of its adoption among consumers.

The perceived and actual risks associated with mobile payment technology is precisely the reason why adoption of mobile payment technology, such as Apple Pay, has been slow and stilted at best.

According to the recently released 2015 Mobile Payment Security Study, out of more than 900 cybersecurity professionals surveyed, 47% of respondents revealed that mobile payments are not secure and carry significant perceived security risks. The study, which was conducted by global cybersecurity association ISACA, reported that 87% of those respondents predict there will be a large increase in the number of mobile payments data breaches over the next 12 months. (1) Monica Eaton-Cardone, COO of leading dispute mitigation and loss prevention firm Chargebacks911, says the perceived lack of security in mobile payments technology has had a negative impact on its adoption, pointing out that consumers are slow to use mobile payment technology such as Apple Pay or Google Wallet despite the convenience of it.

ISACA ranked the vulnerabilities associated with mobile payment based on the survey data:

  • At 26%, use of public WiFi was the highest ranked vulnerability;
  • Lost or stolen devices was the second highest ranked vulnerability at 21%,
  • With phishing and shmishing (phishing via text) at 18%, and
  • Weak passwords at 13%. (1)

There is a striking discrepancy between consumer interest in mobile payment technology and actual use of mobile payment technology. Tech Target reported that 57% of consumers were interested in mobile payment technologies; however, only 3% of mobile phone owners used their mobile wallets for in-store purchases in the past three months. (2)

“The perceived and actual risks associated with mobile payment technology is precisely the reason why adoption of mobile payment technology, such as Apple Pay, has been slow and stilted at best,” says Eaton-Cardone. “Consumers are slow to adopt the technology, and developers are slow to invest new technology due to perceived lack of interest. However, improvement in technology and security would improve the customer's willingness to use said technology. It becomes a Catch-22.”

According to Future Market Insights, the global mobile payment market is projected to be worth $2.8 trillion by 2020. (1) Because this opens the door for an increased security fraud, Eaton-Cardone urges the tech industry to create new technologies to protect consumers.

According to LexisNexis, Payment card fraud in the United States rose by 38% from $23 billion in losses in 2013 to $32 billion in losses in 2014. This loss from fraud is equivalent 0.68% of revenue. (3) Per Eaton-Cardone, EMV is the best option for fraud protection as EMV relies on the customer's past history to determine if the purchase is valid or not. By utilizing a micro-chip to store sensitive information, the customer's buying patterns and spending habits are analyzed in about a millisecond in order to detect suspicious activity. Eaton-Cardone says EMV will soon become the go-to for consumers and merchants alike.

Eaton-Cardone founded Chargebacks911 to address an unmet need in the credit card industry, and taught herself how to build the IT component required to support the business. Through her work in put processes in place for e-Merchants and the banking system regarding ethical practices and work out resolutions where there aren't any currently, Eaton-Cardone has seen first-hand that gender should not stop anyone from going after their dreams. As Eaton-Cardone is in the minority of women who holds an executive position in a technical field, she has been an advocate of long-term solutions for diversity in the tech industry.

About Monica Eaton-Cardone:

Monica Eaton-Cardone is an entrepreneur and business leader with expertise in technology, e-commerce, risk relativity and payment-processing solutions. She has co-founded a number of successful companies – including, and Global Risk Technologies – and currently fulfills executive management roles within each organization. Eaton-Cardone has earned a reputation for creative business solutions, helping merchants and banks to achieve sustainable payment-processing practices and supporting consumers in resolving transaction issues. She is a champion of women in IT, and hopes to contribute to an expanded presence of females in technical professions and leadership roles.

About Global Risk Technologies, Chargebacks911 and eConsumerServices:

Global Risk Technologies is best known for its role in payment processing solutions that cater to each side of the value chain: Chargebacks911 and eConsumerServices. The firm is headquartered in Tampa Bay, Florida, with offices in Ireland and Atlanta. They have approximately 350 employees worldwide, and currently manage over 150MM in transactions each month, with clients located in the U.S. and Europe.

Chargebacks911 focuses on chargeback mitigation and risk management for Internet merchants and acquiring banks, offering dispute response solutions and deep analytics. eConsumerServices caters to cardholders and consumers, providing an online mediation service that works to effectively and efficiently resolve transaction issues between merchants, consumers and banks. For more information, visit

(1) “Experts Cast Doubt on Mobile Payment Security”; Pymnts; September 28, 2015.
(2) Bonderud, Douglas. “Mobile Payment Technology: Secure or Subpar?”; Security Intelligence; April 3, 2015.
(3) “2014 LexisNexis True Cost of Fraud Study”; LexisNexis; August 2014.

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