I am talking about the dangers of mobile payments services. According to 900 members of Isaca (an association of IT professionals and risk managers, mobile payments are not secure. The boom of mobile payments is creating opportunities for hackers and thieves, and security gaps in some of the apps are leaving buyers as well as sellers exposed. According to a September report by researcher LexisNexis, merchants reported that "alternative payment methods" a category that includes PayPal and other non-bank financial companies, accounted for 21% of all fraud in 2015, up from 13% the previous year.
Along with a handful of well known companies such as Apple, Google and Samsung, the mobile payments field has attracted thousands of thinly capitalized startups. Mobile app security provider Bluebox found vulnerabilities in all the roughly 10 unnamed US mobile payment apps it examined last year. On march 2 the consumer financial protection Bureau levied a $100,000 fine on Dwolla, a service that allows people and businesses to make and receive payments via a website or mobile app.
The bottom line- Mobile payments technology is evolving faster than regulation, leaving some users exposed to fraud.
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