A government agency is looking into the security of mobile payment systems as the transactions become increasingly more popular.
The Federal Trade Commission recently announced that it would be hosting an April 26 event to see how the merchant service applications were affecting the retail industry and other sectors. It stated in its release that it would be looking to see issues faced by consumers in other nations and find the best ways to protect the public from fraud.
“What are the risks of financial losses related to mobile payments as compared to other forms of payment?” the FTC stated on its website. “What recourse do consumers have if they receive fraudulent, unauthorized, and inaccurate charges? Do consumers understand these risks? Do consumers receive disclosures about these risks and any legal protections they might have?”
The agency also said it would take the opportunity to look into what information was being stored by the mobile payment firms and whether or not that information had the right protection.
The FTC made other news recently when its commissioner, Julie Brill spoke at George Washington University. As part of the National Cyber Security Alliance event, she told the crowd that it was important to balance both security and privacy when trying to protect the security of data. Acheiving PCI compliance is just one way firms can do this.Back To Blog