Saturday, May 31, 2025
  • Nasdaq FintechZoom
  • Dow Jones FintechZoom
  • Gold Price FintechZoom
  • Luxury FintechZoom
  • Investment FintechZoom
  • Money FintechZoom
  • Silver Price FintechZoom
[email protected]
 FintechZoom
  • MARKETS
    • Stock Market
      • Penny Stocks
      • Stock Market Guides
      • Breaking Stock Market News
      • Reviews in Stock Market
      • Best Stocks To Buy Now
      • Asian Markets
      • European Markets
      • US Markets
      • Trading
      • Stock Futures
    • Forex Market
    • Bonds & Rates
    • Commodities
      • Brent Crude Oil Price
      • WTI Crude Oil Price
      • Natural Gas Live Prices
      • Gold Live Prices
      • Silver Live Prices
      • Nickel Live Prices
      • Platinum Live Prices
      • Corn Live Prices
      • Wheat Live Prices
    • Exchange Traded Fund (ETF)
    • World Indices
      • DAX PERFORMANCE-INDEX
      • Russel 2000 (RUT)
      • STOXX Europe 600 (SXXP)
      • Euro Stoxx 50
      • CAC 40 Index (FCHI)
      • FTSE 100 Index
      • Nikkei 225 Index
      • HSI – Hang Seng Index
      • NSE Nifty 50 Index
      • NASDAQ Composite Index
      • Dow Jones (INDEXDJX: .DJI)
      • S&P 500 Index
      • ASX – Australian
      • Shanghai Index (SSE)
  • BUSINESS
    • Fintech
    • Technology
      • Cybersecurity
      • Youtube Tools
      • Instagram Tools
      • Social Media
      • Internet
        • Error Pages
        • Is It Down?
        • Download
        • Settings
      • Digital Library
    • Artificial Intelligence
    • Finance
    • Health
    • Real Estate
    • Climate
    • Sports
    • Legal
  • CRYPTO
    • Crypto Guides
      • How To Buy Bitcoin
    • Metaverse
    • Tokens
    • Crypto Reviews
    • NFT : Non-Fungible Tokens
    • Stablecoins
    • Blockchain
    • Ethereum
    • Buy Bitcoin
    • Best Crypto
    • Bitcoin
    • Altcoins
  • MONEY
    • Insurance
    • Mortgages
    • Loans
    • Personal Finances
    • Credit Cards
    • Interest Rates
    • Banking
      • Banks Near Me
      • Payments
      • ATM Near me
      • Best Banks
      • Banks Guides
      • Transfer Money Online
      • Mobile Banking
      • Digital Bank
      • Secure Bank Login
  • ECONOMY
    • Investment
    • Taxes
    • Jobs
    • Inflation
  • LIFESTYLE
    • Travel
    • Luxury
      • Luxury Food & Drink
      • Luxury Watches
      • Luxury Cars
      • Luxury Style
      • Luxury Motors
      • Luxury Travel
      • Luxury Tech
    • Fashion & Beauty
    • Entertainment
      • Gaming
      • Movies
      • Streaming Services
      • eBooks
      • Anime & Cartoons
    • Cars
    • Near Me
    • Life
    • Weather Tomorrow
  • ABOUT US
    • Why Fintech Zoom?
    • What is FintechZoom?
    • Advertise with Us
    • Careers in FintechZoom: Carving Your Path
    • Fintech Zoom Logo
    • FintechZoom PRO
    • FintechZoom Contacts: Best Ways to Connect with FintechZoom
  • OUR SERVICESNEW
No Result
View All Result
  • MARKETS
    • Stock Market
      • Penny Stocks
      • Stock Market Guides
      • Breaking Stock Market News
      • Reviews in Stock Market
      • Best Stocks To Buy Now
      • Asian Markets
      • European Markets
      • US Markets
      • Trading
      • Stock Futures
    • Forex Market
    • Bonds & Rates
    • Commodities
      • Brent Crude Oil Price
      • WTI Crude Oil Price
      • Natural Gas Live Prices
      • Gold Live Prices
      • Silver Live Prices
      • Nickel Live Prices
      • Platinum Live Prices
      • Corn Live Prices
      • Wheat Live Prices
    • Exchange Traded Fund (ETF)
    • World Indices
      • DAX PERFORMANCE-INDEX
      • Russel 2000 (RUT)
      • STOXX Europe 600 (SXXP)
      • Euro Stoxx 50
      • CAC 40 Index (FCHI)
      • FTSE 100 Index
      • Nikkei 225 Index
      • HSI – Hang Seng Index
      • NSE Nifty 50 Index
      • NASDAQ Composite Index
      • Dow Jones (INDEXDJX: .DJI)
      • S&P 500 Index
      • ASX – Australian
      • Shanghai Index (SSE)
  • BUSINESS
    • Fintech
    • Technology
      • Cybersecurity
      • Youtube Tools
      • Instagram Tools
      • Social Media
      • Internet
        • Error Pages
        • Is It Down?
        • Download
        • Settings
      • Digital Library
    • Artificial Intelligence
    • Finance
    • Health
    • Real Estate
    • Climate
    • Sports
    • Legal
  • CRYPTO
    • Crypto Guides
      • How To Buy Bitcoin
    • Metaverse
    • Tokens
    • Crypto Reviews
    • NFT : Non-Fungible Tokens
    • Stablecoins
    • Blockchain
    • Ethereum
    • Buy Bitcoin
    • Best Crypto
    • Bitcoin
    • Altcoins
  • MONEY
    • Insurance
    • Mortgages
    • Loans
    • Personal Finances
    • Credit Cards
    • Interest Rates
    • Banking
      • Banks Near Me
      • Payments
      • ATM Near me
      • Best Banks
      • Banks Guides
      • Transfer Money Online
      • Mobile Banking
      • Digital Bank
      • Secure Bank Login
  • ECONOMY
    • Investment
    • Taxes
    • Jobs
    • Inflation
  • LIFESTYLE
    • Travel
    • Luxury
      • Luxury Food & Drink
      • Luxury Watches
      • Luxury Cars
      • Luxury Style
      • Luxury Motors
      • Luxury Travel
      • Luxury Tech
    • Fashion & Beauty
    • Entertainment
      • Gaming
      • Movies
      • Streaming Services
      • eBooks
      • Anime & Cartoons
    • Cars
    • Near Me
    • Life
    • Weather Tomorrow
  • ABOUT US
    • Why Fintech Zoom?
    • What is FintechZoom?
    • Advertise with Us
    • Careers in FintechZoom: Carving Your Path
    • Fintech Zoom Logo
    • FintechZoom PRO
    • FintechZoom Contacts: Best Ways to Connect with FintechZoom
  • OUR SERVICESNEW
No Result
View All Result
FintechZoom
No Result
View All Result

How Fintech Firms Can Mitigate the Risks of Mobile Payments

Aneta Larkins by Aneta Larkins
December 25, 2023
in Fintech
0

FintechZoom > Business > Fintech > How Fintech Firms Can Mitigate the Risks of Mobile Payments

With the fast-growing online market and supply of mobile devices, it’s no surprise that they constitute approximately half of the global website traffic. 

That contributes to the increasing need for Financial technology, or Fintech, companies to adopt easy online payment transactions using mobile phones. As a result, consumers can quickly pay for goods and services online from virtually anywhere without the need for cash or physical cards. 

The spread of mobile connectivity undeniably plays a significant role in the increasing adoption of mobile payments worldwide. In the UK, it’s anticipated that the number of individuals who use smartphones for contactless payments will increase by almost four million. 

Mobile payment is one of the most unprecedented innovations in Fintech. However, despite the convenience of mobile devices in facilitating instant payment and settlement, Fintech firms encounter cybersecurity issues concerning this contactless transaction. 

Besides a mobile device, the mobile payment process involves various components. These may include the merchant, point-of-sale (POS) system, and financial organizations processing merchant payments. 

As demands for mobile payments continue to grow, cybercriminals will use advanced attacks to target any of these stages in the payment process. Considering this, how can Fintech firms mitigate the security risks of mobile payments?

RelatedPosts on FintechZoom

Taras Boyko on Fintech 2.0 in the GCC: What Attracts Investors in 2025

What’s Next in Fintech? Innovations Driving Smarter App Development

5 Content Distribution Channels Every Fintech PR Team Should Master

Integrating Loyalty Management Software into Fintech Platforms: A Blueprint for Success

Beyond Seed Rounds: The Financial Discipline Shaping Fintech Survivors

Why AML Compliance Is the Next Competitive Frontier in Fintech Infrastructure

How Fintech is Transforming Car Buying: From Loan Approval to Instant Payments

Why Fintech is Changing How We Play at Online Casinos in 2025

How Fintech is Revolutionizing Business Employee Benefits Through Innovative Technology

EU DORA Reality Check: Are Your Fintech Systems Actually Compliant?

Also read: Revolutionizing Payments with Mobile: How Payment Mobile is Changing the Future!

Regularly Assess Mobile Payment Risks 

Mobile payment services directly transmit financial information, such as card details, bank account numbers, and personal identification. It’s a common concern for most consumers to put such sensitive information on their mobile devices. 

But alternatively, they’re more inclined to use mobile payments if they have confidence that the provider takes adequate measures to secure their payment services. 

That makes security a critical requirement when maintaining customer trust, an asset Fintech firms can’t afford to lose. Hence, they must be aware of the risks linked to mobile payments and conduct regular assessments to establish controls better. 

Although there’s a multitude of security risks associated with the mobile payment process, Fintech companies should be particularly conscious of the following: 

Data breaches

Multiple players are involved in the mobile payment process, all of which require gathering the transaction to make a purchase. 

A data breach happens when a cybercriminal effectively infiltrates a data source and extracts sensitive information without an individual’s consent. In mobile payments, a data breach commonly occurs by bypassing network security remotely through various means, such as malware attacks. 

When that happens, payment card details and other financial information can be used for unauthorized transactions, leading to identity theft. 

Also read: Difference Between Mobile Payment Systems.

Malware attacks

Malware attacks use malicious software to disrupt a system or network and illegally gain access to a device, including a smartphone. 

In terms of mobile payment security, malware can be used to compromise the security of mobile devices. Specifically, it aims to gather sensitive information like account passwords and credit card details. Most activities associated with mobile malware include the following: 

  • Intercepting instant messages
  • Recording phone calls
  • Transmitting call logs
  • Locating through GPS

Application vulnerabilities

Many mobile payment systems rely on SSL (Secure Socket Layers) or TLS (Transport Layer Security) to protect users’ data on the internet. But the implementation of SSL and TLS protocols may have vulnerabilities, and malicious users may exploit them to breach payment security. 

Additionally, SSL and TLS are vulnerable to man-in-the-middle attacks. It happens when an attacker sits between the mobile app or device to intercept or manipulate a user’s interaction with the payment application. 

When that happens, the encrypted information gets exposed to the attacker in plain text, putting the user’s personal and payment details at risk. 

Enable Multi-factor Authentication

With the alarming number of data breaches, more than single-factor authentication is needed to safeguard mobile payment transactions. 

Although password-based login is the most common way to authenticate accounts, it can easily leak information to an attacker. Fintech companies must be extra careful when processing user login credentials. 

There must be strict measures to verify the user’s accounts when purchasing, such as enabling multi-factor authentication. A security system requires multiple methods to authenticate the user’s identity for a login or payment transaction. 

For instance, SMS confirmation codes and multiple biometric authentications can provide additional layers of protection to the mobile payment process. Since it involves authenticating various payment elements, it would be more difficult for fraudsters to access the users and steal information. 

Establish Application Security Infrastructure

Fintech firms often use applications with access to users’ financial profiles when executing real-time payment transactions. But these apps are frequently targeted for attacks. Moreover, weak coding can be an entry point into financial networks, providing access to potential threats. 

Fintech firms must establish a robust application security infrastructure to safeguard mobile payment users’ data. A typical example is incorporating a web application firewall with up-to-date information on security threats. 

Use an Automated Threat Detection System

Cybercriminals are using automation to increase the effectiveness and persistence of their attacks. Hence, it’s more crucial than ever for Fintech firms to incorporate integrated and automated defences and threat intelligence to enhance payment security. 

Fintech companies can instantly detect and mitigate new threats that target mobile payments using an automated threat detection system that uses machine learning. Additionally, it can spot behaviour that may indicate a malicious activity or security breach in the mobile payment process. 

Conclusion

The ease and convenience of mobile payments are evident in today’s digital landscape. However, it has its drawbacks, like other technological advancements. 

To ensure consumers’ trust and confidence, Fintech companies must take all the essential measures to secure the mobile payment system. Likewise, users must exercise caution when they use any payment app to prevent fraudulent transactions.

Tags: 2020 malware attacks2021 data breaches2022 data breaches4 common causes of data breaches include8 ways to prevent data breachesaccept mobile paymentsaccepting mobile paymentsaccording to this trainingadobe data breachesall of the following countries are popular sources of malware attacks except:are ios devices immune to malware attacksas reported by andrei enebanking data breachesbenefits of mobile paymentsbig data breachesbig malware attacksbiggest data breachesbiggest malware attacksbiggest malware attacks in historyblock malware attacksbofa mobile paymentsboost mobile paymentsboost mobile payments locationsboost mobile payments onlineboost mobile payments over phonecause of data breachescauses of data breacheschina mobile paymentscloud data breachescompanies with data breachescompany data breachescost of data breachescrypto malware attackscurrent data breachescyber security data breachescyber security malware attackscybersecurity data breachesdata breachesdata breaches 2021data breaches 2022data breaches 2023data breaches are always intentionaldata breaches definitiondata breaches in 2022data breaches in cloud computingdata breaches in the last 5 yearsdata breaches listdata breaches meaningdata breaches preventiondata breaches statisticsdata breaches targetdefensive measures against malware attacksdetect malware attacksdifferent types of malware attacksdisadvantages of mobile paymentsdiscord malware attacksemail malware attacksexamples of malware attacksexamples of mobile paymentsexxon mobile paymentsfacebook data breachesfamous data breachesfamous malware attacksfileless malware attacksfinancial services data breachesfines for data breachesfuture of mobile paymentsgoogle mobile paymentsgovernment data breacheshealth data breacheshealthcare data breacheshealthcare data breaches 2022heartland mobile paymentshipaa data breacheshow can malware attacks be preventedhow common are data breacheshow do data breaches happenhow do malware attacks occurhow malware attacks your computerhow many data breaches in 2016how many data breaches in 2021how many data breaches in 2022how many malware attacks in 2021how often do data breaches happenhow to accept mobile paymentshow to avoid data breacheshow to avoid malware attackshow to deal with malware attackshow to defend against malware attackshow to mitigate malware attackshow to prevent data breacheshow to prevent data breaches in healthcarehow to prevent fileless malware attackshow to prevent malware attackshow to prevent malware attacks on androidhow to prevent malware attacks on websiteshow to protect against malware attackshow to protect your computer from malware attackshow to stop malware attackshow to take mobile paymentsimpacts of data breachesindia mobile paymentsinfamous malware attacksintuit mobile paymentsios devices are immune to malware attacksis phishing responsible for pii data breacheslargest data breacheslargest data breaches in historylatest data breacheslatest malware attackslatest malware attacks 2021latest malware attacks 2022law firm data breachesleading cause of data breacheslist four ways to avoid hacking/malware attacks?list of data breacheslist of data breaches 2022list of malware attacksmajor data breachesmalware attacksmalware attacks 2012malware attacks 2013malware attacks 2014malware attacks 2016malware attacks 2018malware attacks 2019malware attacks 2020malware attacks 2021malware attacks 2022malware attacks businesses aren readymalware attacks definitionmalware attacks examplesmalware attacks in 2022malware attacks in the philippinesmalware attacks increasing businesses arenmalware attacks on companiesmalware attacks on companies and how to preventmalware attacks on macsmedical data breachesmerchant mobile paymentsmetro by t mobile paymentsmobile malware attacksmobile paymentsmobile payments africamobile payments apimobile payments appmobile payments applicationsmobile payments appsmobile payments chinamobile payments companiesmobile payments companymobile payments conferencemobile payments conference 2017mobile payments conferencesmobile payments examplesmobile payments for small businessmobile payments fraudmobile payments futuremobile payments gatewaymobile payments in chinamobile payments indiamobile payments marketmobile payments nfcmobile payments paypalmobile payments platformmobile payments processingmobile payments securitymobile payments servicemobile payments servicesmobile payments smsmobile payments solutionmobile payments solutionsmobile payments systemsmobile payments technologymobile payments todaymobile payments trendsmobile payments ukmobile payments via nfcmobile to mobile paymentsmost common malware attacksmost famous malware attacksmost malware attacks are coordinated throughmost recent data breachesmost recent malware attacksnew malware attacksnews malware attacksnfc and mobile paymentsnfc for mobile paymentsnfc mobile paymentsnfc mobile payments apple paynfc mobile payments examplenfc mobile payments meaningnon-malware attacksnumber of data breaches in 2016number of malware attacksofferup mobile paymentsone of the worst malware attacks in the last 10 years is the tbtonline mobile paymentsopentable mobile paymentsorpaper based pii is involved in data breachespaper based pii is involved in more data breachespaper-based pii is involved in data breaches more often than electronic pii documentationparking mobile paymentspaypal mobile paymentspersonal data breachesphishing emails cause what percentage of data breachesphishing emails have caused what percentage of data breaches?phishing is not often responsible for pii data breachespos malware attacksprevent data breachesprevent malware attackspreventing data breachespreventing malware attacksprotection against malware attackspsn mobile paymentsquickbooks mobile paymentsreal-life examples of malware attacksreasons for malware attacksrecent data breachesrecent data breaches 2021recent data breaches 2022recent data breaches 2023recent healthcare data breachesrecent malware attacksrecent malware attacks 2018recent malware attacks 2020recent malware attacks 2022recent malware attacks 2023recent malware attacks on companiesrecent mobile device malware attacksreporting data breachesrestaurants that accept mobile paymentsretail data breachessecure mobile paymentssimple mobile paymentssmall business mobile paymentssms mobile paymentsspectrum mobile paymentssquare mobile paymentsstripe mobile paymentst mobile paymentst mobile payments phone numbertake mobile paymentsthe data breaches gtathe future of mobile paymentsthird-party data breachestmobile data breachestop malware attackstrends in mobile paymentstrojan malware attackstrue or false paper based pii is involved in more data breachestrue or false phishing is not often responsible for pii data breachestypes of data breachestypes of malware attackstypes of mobile paymentsusb malware attacksverizon mobile paymentswalmart mobile paymentswarning your computer is at risk of malware attacksways to prevent data breachesways to prevent malware attackswhat are data breacheswhat are malware attackswhat are mobile paymentswhat are nfc mobile paymentswhat does nfc mobile payments meanwhat is data breacheswhat is malware attackswhat is mobile paymentswhat is nfc mobile paymentswhat is the best way to prevent malware attackswhat is the cause of the majority of data breaches?what is the leading cause of data breacheswhat operating system is the most vulnerable to malware attacks?what percentage of phishing emails have caused data breacheswhat software program protects your computer from malware attackswhats nfc mobile paymentswhen did mobile payments startwhich of the following is responsible for most of the recent pii data breachesworst data breachesworst malware attacksworst malware attacks in historyxfinity mobile payments
Previous Post

11 Cyber Threats FinTech Companies Should Watch Out For

Next Post

Exploring the World of Nutaku: A Gamer’s Paradise

Aneta Larkins

Aneta Larkins

Aneta is a staff writer covering money content, including personal finances, savings accounts, taxes, loans, mortgages, credit cards, interest rates and insurances for FintechZoom. Contact: [email protected].

Related Posts

A man in traditional Middle Eastern attire looks at a tablet displaying Fintech 2.0 financial graphs and charts, with a blurred background of warm lights. | FintechZoom

Taras Boyko on Fintech 2.0 in the GCC: What Attracts Investors in 2025

May 29, 2025
Two people hold a tablet displaying a mobile app wireframe design with various screens and flow diagrams, against a blurred cityscape background at night. | FintechZoom

What’s Next in Fintech? Innovations Driving Smarter App Development

May 2, 2025

5 Content Distribution Channels Every Fintech PR Team Should Master

April 21, 2025

Integrating Loyalty Management Software into Fintech Platforms: A Blueprint for Success

April 17, 2025

Beyond Seed Rounds: The Financial Discipline Shaping Fintech Survivors

April 17, 2025

Why AML Compliance Is the Next Competitive Frontier in Fintech Infrastructure

April 17, 2025

How Fintech is Transforming Car Buying: From Loan Approval to Instant Payments

April 13, 2025

Why Fintech is Changing How We Play at Online Casinos in 2025

April 2, 2025

How Fintech is Revolutionizing Business Employee Benefits Through Innovative Technology

March 28, 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About Us
  • Advertise
  • Careers
  • Terms and Conditions
Call us: + 1 917 9939840

© 2016-2023 FINTECHZOOM

No Result
View All Result
  • MARKETS
    • Stock Market
      • Penny Stocks
      • Stock Market Guides
      • Breaking Stock Market News
      • Reviews in Stock Market
      • Best Stocks To Buy Now
      • Asian Markets
      • European Markets
      • US Markets
      • Trading
      • Stock Futures
    • Forex Market
    • Bonds & Rates
    • Commodities
      • Brent Crude Oil Price
      • WTI Crude Oil Price
      • Natural Gas Live Prices
      • Gold Live Prices
      • Silver Live Prices
      • Nickel Live Prices
      • Platinum Live Prices
      • Corn Live Prices
      • Wheat Live Prices
    • Exchange Traded Fund (ETF)
    • World Indices
      • DAX PERFORMANCE-INDEX
      • Russel 2000 (RUT)
      • STOXX Europe 600 (SXXP)
      • Euro Stoxx 50
      • CAC 40 Index (FCHI)
      • FTSE 100 Index
      • Nikkei 225 Index
      • HSI – Hang Seng Index
      • NSE Nifty 50 Index
      • NASDAQ Composite Index
      • Dow Jones (INDEXDJX: .DJI)
      • S&P 500 Index
      • ASX – Australian
      • Shanghai Index (SSE)
  • BUSINESS
    • Fintech
    • Technology
      • Cybersecurity
      • Youtube Tools
      • Instagram Tools
      • Social Media
      • Internet
      • Digital Library
    • Artificial Intelligence
    • Finance
    • Health
    • Real Estate
    • Climate
    • Sports
    • Legal
  • CRYPTO
    • Crypto Guides
      • How To Buy Bitcoin
    • Metaverse
    • Tokens
    • Crypto Reviews
    • NFT : Non-Fungible Tokens
    • Stablecoins
    • Blockchain
    • Ethereum
    • Buy Bitcoin
    • Best Crypto
    • Bitcoin
    • Altcoins
  • MONEY
    • Insurance
    • Mortgages
    • Loans
    • Personal Finances
    • Credit Cards
    • Interest Rates
    • Banking
      • Banks Near Me
      • Payments
      • ATM Near me
      • Best Banks
      • Banks Guides
      • Transfer Money Online
      • Mobile Banking
      • Digital Bank
      • Secure Bank Login
  • ECONOMY
    • Investment
    • Taxes
    • Jobs
    • Inflation
  • LIFESTYLE
    • Travel
    • Luxury
      • Luxury Food & Drink
      • Luxury Watches
      • Luxury Cars
      • Luxury Style
      • Luxury Motors
      • Luxury Travel
      • Luxury Tech
    • Fashion & Beauty
    • Entertainment
      • Gaming
      • Movies
      • Streaming Services
      • eBooks
      • Anime & Cartoons
    • Cars
    • Near Me
    • Life
    • Weather Tomorrow
  • ABOUT US
    • Why Fintech Zoom?
    • What is FintechZoom?
    • Advertise with Us
    • Careers in FintechZoom: Carving Your Path
    • Fintech Zoom Logo
    • FintechZoom PRO
    • FintechZoom Contacts: Best Ways to Connect with FintechZoom
  • OUR SERVICES

© 2016-2023 FINTECHZOOM

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?