Module 3 Dq Forum

Security concerns of e-commerce Discussion

At the most basic level, we can separate mobile payments into 1) Mobile as Payment Devices to initiate payments by a consumer; and 2) Mobile as Acceptance Devices to accept payments by a merchant (Bill Gajda, 2014). Overall, mobile payments can be easier than other methods for both the consumer and the company. As with any technology based method, security issues may arise.

One main concern of customers is the question of "Does our information stay stored, and is it protected?" This includes account numbers, PINs, passwords, etc. Consumer concerns in regards to security and privacy is relatively high when it comes to them entering in all of their information via a mobile app.

Proximity payments are based on EMV standards, and faces the fewest security challenges. The devices that have this chip ensure that a payment delivers the same security offered by a smartcard-enabled payment. Another type is called Remote payments. This means apps are used (such as banking, web sites, etc) to pay bills. That ability to execute applications, unfortunately, extends to viruses and malware as well (Bill Gajda, 2014).

In conclusion, mobile payments seems like an easier tool to use for the busy consumer. Granted, most assume that everything is safe to use, and that they will be protected by these companies that they are paying. Sadly, this is not always the case, and customers should be made aware, and take precaution before using an app or other tool on their mobile device to make payments.

Reference:

Gajda, B. (2014). Managing the risks and security threats of mobile payments. Retrieved from: http://www.pymnts.com