According to a recent report conducted by global cybersecurity association ISACA, cybersecurity professionals are willing to balance benefits with perceived security risks of mobile payments. Only 23% believe that mobile payments are secure in keeping personal information safe and nearly half (47%) say mobile payments are not secure. At 89%, cash was deemed the most secure payment method, but only 9% prefer to use it.
Survey respondents ranked major vulnerabilities associated with mobile payments: 26% of respondents blamed the use of public WiFi, 21% lost or stolen devices, 18% pointed towards phishing and 13% towards weak passwords.
The report indicates that the most effective way to make mobile payments more secure is using two ways to authenticate their identity (66%), and requiring short-term authentication codes (18%). Less popular was installing phone-based security apps (9%).
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