For many consumers, mobile transactions are now a way of life, choosing to replace their credit and debit cards with their phones. A recent report by BCC Research predicts that global mobile transactions will reach $665 billion by 2017. With so much business taking place over mobile devices, it broaches an important question: Just how secure are mobile transactions?
Mobile Transaction Concerns
Many mobile phone owners make regular transactions via services like Paypal, Square, and Dwolla, and a large base of mobile device owners bank through their phones and tablets. A recent survey conducted by the Federal Reserve found approximately 21 percent of mobile device owners used mobile banking in the past year. The study also found that nearly half of those surveyed that do not use mobile banking forgo the convenience due to security concerns. Concerns range from fear of malicious hackers stealing personal information, the possibility of losing a phone, and unwanted or accidental data interception.