Let’s start with some statistics:
According to some data published by the consumer financial services company, 60 percent of the U.S. consumers believe that on an average, a lot many shoppers will carry a phone but no physical wallet. 67 percent of the SMEs said that their companies have downloaded the application of the retailer’s and the findings that are suggestive towards a culture dominated use of smartphones. To elaborate a little more, it has also been witnessed that one-third of all the fraud is now targeting the mobile channels and due to this, in the first half of 2018, mobile tracks have increased by 24 percent.
Retailers are now facing distinctive challenges for mobile security
Retailers must increasingly focus on how to keep mobile customers anodyne from the growing cyber threats. As per the information accumulated by some organizations, 82 percent of hospitality and retail professionals said that mobile devices are at a huge risk with 22 percent of the plaintiffs. All these risks are important and are in large parts due to the momentary nature of a lot of people in the workforce. All the retail and hospitality companies face characteristic challenges when it comes to mobile security. Most of the companies have a large number of employees and are usually employed on a part-time or seasonal basis and they do not take the security precautions very seriously.
Mobile payment providers are taking suitable measures
Mobile payment providers have ensured that their services are as secure as the other forms of payment methods and each of their solutions uses tokenization, which is a method that has an option of substituting one sensitive data element 2 with no sensitive element or token to replace the credit card numbers. None of the major mobile payment options work unless and until a device’s screen-lock functioning is supported and the device is unlocked when the payment appears or the user’s identity is confirmed. Furthermore, retail workforces need to be acquainted with navigating mobile technology to be skillful at handling mobile payments.