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Study: More security needed for mobile payments

June 29, 2012

Many businesses have been implementing mobile payment systems to make the transaction process easier for consumers, many of whom own smartphones.

Many businesses have been implementing mobile payment systems to make the transaction process easier for consumers, many of whom own smartphones. However, according to a recent report from IDC Financial Insights, corporations are not doing enough to ensure that the system is secure for users.

In its “Enterprise Mobile Device Security: Development Guidance to Tackle the Mobile Security Minefield,” the firm said that more arrangements needed to be made to ensure that mobile financial processes weren’t subject to stolen data.

“By 2012, the Asia/Pacific region will command 47% of the global smartphone pie, which is equivalent to 541 million units,” said Li-May Chew, associate director for IDC Financial Insights Asia/Pacific Financial Advisory Service in a statement. “With the rise of smartphones, IDC expects malicious mobile software… to increase exponentially as we move into the future and this will in return amplify demand for mobile security solutions in Asia/Pacific.”

Some of the biggest names in the sector recently came together for the NEBA Client Conference in Tampa, Florida. Those in attendance were able to learn about ways to make payment processing more secure and hear from experts about the future of the industry.

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