Every transaction is a point of exchange based on trust. Mobile payments remove even more tangibility from the consumer end of the process, so they must be educated as to best practices for its use.
Tampa Bay, FL (PRWEB) March 01, 2016
Mobile payment security is still in its infancy – a fact made evident as more than half (54 percent) of businesses reported a security or data breach involving payment data (1), prompting concerns among consumers reluctant to take advantage of the convenience of mobile payment options. Though mobile wallet adoption has been slow on the uptake, over the next five years mobile devices will reportedly be used in making payments 175 percent more often (2). Per Monica Eaton-Cardone, COO and co-founder of Chargebacks911 and eConsumerServices, while electronic payments technology provides merchants with ways to increase sales through convenience and also to track customers’ buying patterns, if mobile payment solutions are to take hold, security measures must be overhauled and consumers need to be educated about them.
Highly publicized credit card breaches last year have put security at the top of the consumer’s list of mobile payment concerns. In fact, it appears to be the biggest consideration holding back more widespread use and has merchants rethinking security solutions. A recent survey found that over seventy-five percent of the respondents prioritized payment security as the most important feature of a mobile wallet offering. (1)
As an the executive heading two companies that together provide solutions for both ends of the merchant-consumer line Eaton-Cardone, the answer to improved m-commerce security is a two-pronged approach: one-part increased security measures by merchants, in conjunction with all-out consumer security education that extends across the entire range of electronic payment solutions consumers have access to while at the same time advancing the security of payments and consumer identity with standardized best-practices that run end to end.
“Every transaction is a point of exchange based on trust. Mobile payments remove even more tangibility from the consumer end of the process, so they must be educated as to best practices for its use,” Eaton-Cardone said. “Additionally, with fraudsters looking to target the weak link in the chain, merchants bear responsibility in implementing security solutions such as point-to-point encryption and tokenization to remove hackable payment data and take payment credentials out of the reach of fraudulent users.”
Eaton-Cardone contends that the above changes are needed now. Over the next five years, mobile point of sale transactions, and particularly the NFC, contactless payment ecosystem will become more pervasive. It is projected that it will be used nearly three times more often. Naturally, where there are more users, there is more money, and thus more potential for fraud. And with the 50+ year-old consumers representing the web’s largest and fastest growing constituency, security and education must be in place for rapid adoption. (2)
Monica Eaton-Cardone will be speaking at the Growing Global Conference, a symposium on the expansion of eCommerce sales and profits worldwide, on April 13-14, 2016, at the Duke Energy Convention Center in Cincinnati, OH. http://www.mcmgrowingglobal.com/. She is available for interviews.
About Monica Eaton-Cardone:
Monica Eaton-Cardone is an entrepreneur and business leader with expertise in technology, eCommerce, risk relativity and payment processing solutions. She has co-founded a number of successful companies, employing 350+ people globally. With the advent of “friendly fraud” expanding from the U.S. to other countries, Eaton-Cardone recognized the necessity to protect the global economy from illicit chargeback threats; hence, Global Risk Technologies (GRT) was established. She currently serves as the CIO of GRT, an international organization with subsidiaries in the U.S.; Chargebacks911; and eConsumerServices. She additionally continues to hold the position of COO of Chargebacks911. 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.
1. "Payment Security Issues Worry Retailers." Payment Security Issues Worry Retailers. N.p., n.d. Web. 22 Feb. 2016. eweek.com/small-business/payment-security-issues-worry-retailers.html
2. "Talking Security with Iovation at Mobile Payment Innovations Summit | Payment Week." Payment Week. N.p., 17 Feb. 2016. Web. 22 Feb. 2016. paymentweek.com/2016-2-17-talking-security-with-iovation-at-mobile-payment-innovations-summit-9663/