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The adoption of mobile payment solutions has, certainly in the last two years, been massive. With the launch of mobile wallets from key industry players such as Apple and Google, there has also been an influx of solutions from much smaller companies, with reports of new mobile wallet systems being released around the world as a daily event.

With so many people opting to choose what is considered to be a much more convenient way to pay compared to traditional methods, security is something that users must be aware of to ensure they are taking the necessary precautions to keep their privacy and bank security safe.

Yesterday, America’s CBS News wrote an article advising people of ways to ensure their mobile wallets remained secure. In the article, CBS talks to Susan Grant, director of consumer protection and privacy at the Consumer Federation of America who said:

“Smartphones contain a lot of sensitive personal information, like your address book and your location. And when you use them to make mobile payments, even more information is added. It’s really important to know who has access to that information and how they might use it.”

In summary:

• Do link mobile payments to a credit card as they generally have the most consumer protection compared with other payment cards e.g. debit cards
• Don’t download apps without reading the terms and conditions. Apps are becoming much more sophisticated and can access your phone’s GPS location data, your calendar, contacts and websites you visit.
• Do protect your smartphone with a password without using obvious ones such as “password” or “123”!
• Don’t click on random links — even when you think you know the sender to avoid malware or similar attacks.
• Do use an app rather than browser. If using your phone to make regular payments i.e. to Starbucks, use authorised apps which have additional layers of security built-in.
• Don’t use public Wi-Fi to access sensitive data or sites. Public Wi-Fi is, unsurprisingly, public – meaning unsecured.
• Do watch your accounts. Be vigilant. Identify unauthorised purchases as quickly as possible.
• Don’t disable security features on your phone.
• Do take the time to learn more. The Consumer Federation of America just launched a website to provide information on mobile payments.

For a full explanation of these points and to read the CBS article in full, click here.