Mobile wallet security

Mobile wallet security

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  1© Copyright ComvivaTechnologies Limited. 2015
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  2© Copyright ComvivaTechnologies Limited. 2015 Mobile wallet refers to the practice of using smartphones for payment through credit or debit cards. In essence, information is stored on your smartphone in digital form. It is fast replacing physical credit cards as an increasing number of consumers switch to mobile wallets due to the sheer convenience it offers. Mobile wallets can be used to store and organize information related to credit or debit cards but also coupons, loyalty rewards etc in one central place for easy and quick access, eliminating the need of carrying multiple cards and coupons. Despite the convenience it offers, mobile wallets adoption rates are still not very high primarily because of security and privacy concerns related to their usage. Chief among this are concerns related to the financial data stored in the phone, in case the handset is misplaced. With credit card and identity theft at an all time high, there are legitimate concerns that using smartphones as mobile wallet might make them very vulnerable to theft.
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  3© Copyright ComvivaTechnologies Limited. 2015 Most of these concerns, however, are unfounded as mobile wallets are in certain ways safer than current credit cards. This is, in part, due to the way financial information is transmitted between the bank and the application, via a token in place of the customer’s account number. The token is actually an encryption that allows for only the application provider to understand the unique details of each transaction and carry out the transaction instructions. Transactions through a mobile wallet are highly secure with most organizations providing this service guaranteeing foolproof security for users of mobile wallet. In order to allay consumer concerns regarding use of mobile wallet adequate mobile wallet security measures have been put in place to ensure any transaction you undertake through mobile wallet is completely secure with no leakage of information whatsoever.
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  4© Copyright ComvivaTechnologies Limited. 2015 Mobile Wallet Security Measures Ensuring the full card number is not visible to retailers and merchants at the time of purchase In case a customer’s mobile device is stolen or lost, mobile wallet services can be instantly disabled to prevent any data leakage Mobile banking allows the customer to view transaction history and get an alert every time there is activity on their mobile wallet Some service providers offer zero Liability protection which basically means that the bank or financial authority will not hold the customer responsible for reported unauthorized transactions 24/7 Monitoring and Fraud protection services are offered by all mobile wallet service providers
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  5© Copyright ComvivaTechnologies Limited. 2015 Do not download and install apps unless they are from trustworthy sites Do not entertain requests from apps that that seek access to information with potential for misuse Enable maximum security protection available on your smartphone and mobile wallet Enable password security and ensure that you change your password at regular intervals for added protection Apart from the mobile wallet security measures put in place by organizations, there are a couple of measures that consumers can themselves take to ensure security and privacy of information stored in their mobile wallets.
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  6© Copyright ComvivaTechnologies Limited. 2015 Summary Choose a mobile wallet service provider that is able to adequately address your concerns related to security and privacy and you should be all set to enjoy the convenience and ease that comes with using a mobile wallet.
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  7© Copyright ComvivaTechnologies Limited. 2015 Disclaimer Copyright © 2015: Comviva Technologies Ltd, Registered Office at A-26, Info City, Sector 34, Gurgaon-122001, Haryana, India. All rights about this document are reserved and shall not be , in whole or in part, copied, photocopied, reproduced, translated, or reduced to any manner including but not limited to electronic, mechanical, machine readable ,photographic, optic recording or otherwise without prior consent, in writing, of Comviva Technologies Ltd (the Company). The information in this document is subject to changes without notice. This describes only the product defined in the introduction of this documentation. This document is intended for the use of prospective customers of the Company Products Solutions and or Services for the sole purpose of the transaction for which the document is submitted. No part of it may be reproduced or transmitted in any form or manner whatsoever without the prior written permission of the company. The Customer, who/which assumes full responsibility for using the document appropriately. The Company welcomes customer comments as part of the process of continuous development and improvement. The Company, has made all reasonable efforts to ensure that the information contained in the document are adequate, sufficient and free of material errors and omissions. The Company will, if necessary, explain issues, which may not be covered by the document. However, the Company does not assume any liability of whatsoever nature , for any errors in the document except the responsibility to provide correct information when any such error is brought to company’s knowledge. The Company will not be responsible, in any event, for errors in this document or for any damages, incidental or consequential, including monetary losses that might arise from the use of this document or of the information contained in it. This document and the Products, Solutions and Services it describes are intellectual property of the Company and/or of the respective owners thereof, whether such IPR is registered, registrable, pending for registration, applied for registration or not. The only warranties for the Company Products, Solutions and Services are set forth in the express warranty statements accompanying its products and services. Nothing herein should be construed as constituting an additional warranty. The Company shall not be liable for technical or editorial errors or omissions contained herein. The Company logo is a trademark of the Company. Other products, names, logos mentioned in this document , if any , may be trademarks of their respective owners. Thank you Visit us at www.mahindracomviva.com
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  8© Copyright ComvivaTechnologies Limited. 2015