How to Minimize Mobile Payment Risk

Part of taking care of your customers means minimizing mobile payment risk. Data transmission always involves risk, most of which is outside of your control, but there are safeguards you can put into place to manage the risk.

A 2015 survey of more than 900 cybersecurity professionals found problems with risk in EMV mobile payments and in store mobile payments. Approximately 47% of these experts pointing to perceived risk of mobile payment transactions, but also found that adoption of mobile payments has not slowed as a result of these issues.

Some of the biggest mobile payments risk include data transmission over public wifi, stolen devices, hackers, and weak passwords. However, tokenization and host card emulation are just two of the ways you can protect your customers.

Tokenization uses seemingly random strings of characters to represent sensitive data. These strings are given meaning by the context of the transaction, and have no value if stolen.

Host card emulation (HCE) stores data securely in the cloud instead of a device that can be stolen.

The UniPay gateway from United Thinkers was built on a foundation of security. Contact us now to find out if UniPay can help you.

More information on this topic is available in the respective article at #UniPayGateway website.

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Enterprise-scale, open-source, #PaymentProcessing solutions for #Merchants, #PayFacs and PSPs. For more information, visit UnitedThinkers.com

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