Guide to Security Tips for Payments through Mobile Devices

The payment of products and services through mobile devices is a reality and it is possible to think that one day traditional wallets with cash and credit cards will be forgotten. A new ISACA report, "Mobile Payments: Risk, Security and Assurance Issues," examines this growing trend and offers guidance on managing risks and increasing security.

A study by Juniper Research revealed that the value of mobile payments for digital and physical products, money transfers and other transactions will reach nearly $630 billion in 2014. The Mobile Payments report, available for download at no cost on the website of ISACA, a global non-profit association of IT professionals, identifies the benefits for consumers among which are: the speed and convenience of not carrying cash or credit cards, the consolidation of several cards, and a higher level of security. Companies benefit from reaching more consumers while reducing the amount of stored data needed to meet requirements, improving transaction security and fraud detection, as well as the possibility offered by this payment method to apply marketing locally (geo-marketing).

"Mobile payments offer several benefits, but they also need proactive planning as well as measures to manage risk, which can range from identity and service theft, loss of revenue, brand reputation and customer information, to money laundering and terrorist financing." , said Nikolaos Zacharopoulos, CISA, CISSP, auditor of the Geniki Bank of Greece, and chairman of the ISACA project development team that worked on this document. "This guidance identifies the types of risk and countermeasures that need to be put in place to mitigate them."

The Mobile Payments report offers practical advice so that companies can:

Create robust controls in the planning process. Ensure that transactions are made only by the authorized person. Create robust controls in the planning process. Ensure that transactions are made only by the authorized person. Identify data that is considered personal and sensitive to ensure that the information is protected. Ensure that the third parties involved have a robust security governance. Pay attention to the point where the mobile transaction originates – the device and the user. "Security will be an important factor for the adoption of mobile payments, as trust plays a very important role when the customer decides to use a new payment tool," Zacharopoulos said. "While regulation is developing in the mobile payments ecosystem, it is important for businesses to act carefully so that they can offer customers the convenience of mobile payments, as well as the necessary security and privacy."

For more information on mobile payments, download the free ISACA report on www.isaca.org/mobile_payments or www.isaca.org/whitepapers. More ISACA information on mobile devices is available in the "Securing Mobile Devices" report and in the Mobile Computing Security Audit Assurance Program.

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Source: ISACA

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