A survey of 900 cyber security professionals worldwide, found that though majority perceive mobile payments to be risky, the associated risks do not deter them from its use.
Of the 900 experts, 47 per cent say mobile payments are not secure and a staggering 87 per cent expect an increase in mobile payment data breaches over the next year, yet 42 per cent have used mobile payments in 2015.
Only 9 per cent use cash although 89 per cent consider it the most secure method of payment.
The findings of the survey – the 2015 Mobile Payment Security Study – by ISACA, an international IT and cyber security association, imply that many cyber security professionals use mobile payments despite their perception that it is risky.
Eight per cent of the respondents (72) in the study were professionals living in Africa.
The top two risks associated with mobile payments, as chosen by the experts, are use of public WiFi (26 per cent) and lost or stolen devices (21 per cent). They are followed by phishing/shmishing attacks (18 per cent), weak passwords (13 per cent) and user error (7 per cent)
“ISACA members, who are some of the most cyber-aware professionals in the world, are using mobile payments while simultaneously identifying and contemplating their potential security risks. This shows that fear of identity theft or a data breach is not slowing down adoption—and it shouldn’t—as long as risk is properly managed and effective and appropriate security features are in place.” John Pironti, risk advisor with ISACA and president of IP Architects said.
Many of the cyber security experts believe that the most effective security measure way to make mobile payments more secure is using two ways to authenticate their identity (66%).
This is followed by short-term authentication codes (18%), and installing phone-based security apps (9%).
The number of mobile payment users in Africa as at 2012 was estimated at 57.8 million, and only second to 85 million in Asia and the Pacific. The figure is expected to rise to 101.3 million users by 2016
According to the Bank of Ghana 106.4 million mobile money transactions were made in Ghana in 2014 – a massive increase from 36.7 million in 2013.
By Emmanuel Odonkor
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