How Secure Are Mobile Payments?

How Secure Are Mobile Payments?

With people’s dependence of their smartphones and tablets, more and more individuals look to handle payments with their mobile devices. However, some customers still wonder how safe payments and credit card processing can be, especially considering it’s a newer technology. This content will look into the safety of mobile payment systems and show why using mobile payments for merchant accounts is a convenient want to go in a technological driven world.

More Difficult for Fraud: Some people still feel unfamiliar with using mobile payments, making them stick to using their plastic credit cards. However, in reality credit cards are much easier and more likely to be used fraudulently. Imagine losing your wallet for example. The person who finds it can simply take the money and credit cards and go to the nearest store and start racking up charges. Of course we like to believe that the store will do its due diligence when swiping the card, but it doesn’t always happen that way. But with mobile payments, the process is much more difficult. Assuming you have a passcode on your phone, the thief would first have to get past that. And even if they did, they would continually be asked for information verifying who they are throughout the process of trying to fraudulently use a phones payment system. This all gives the owner of the lost device more time to go about assuring that their financial information is safe and put on freeze of any activity. Unlike other methods of payment, the multiple layers of protection from mobile payments are vital to the safety of the owner of the information.

GPS Tracking and Recognition: In the event that your phone is stolen and someone is able to get through all of your security measures, say an old friend or personal acquaintance who know may know your information, your phone has GPS tracking and information can be monitored for safety. Many companies will monitor their merchant accounts to keep an eye on unusual activity. If something raises suspicion, it can be addressed by the credit card processing company. Furthermore, these actions are easier to trace and find offenders who are illegitimately using devices for mobile payments.

Easier For Customers: Aside from all the scary situations presented above, the truth is that mobile payments are simply easier to use for customers. Instead of carrying around credit cards and other forms of payments, individuals can have all of that information on their mobile device that they carry with them anyways. If you are not using mobile payments for your credit card processing and merchant accounts, you are limiting the opportunity to accept payment from customers.