Consumers Still Wary of ATM Mobile Security and malware removal

Mobile payment, as the name suggests, is a financial service that enables users to make payments from their mobile device. This form of payment is similar to cash, check and credit cards, the only difference being that mobile devices are used as the medium for making the payment. However, mobile payments are far more complex to implement than other forms because of the higher risk that comes with it.

This is why the ATM & Mobile Executive Summit, scheduled to take place in Washington, D.C. in September, will focus on mobile security. According to a report released recently by the U.S. Federal Reserve Bank of Boston, there is a lot of apprehension surrounding mobile payments among customers today. They are unsure if the associated technologies pose any security risk for their personal information such as passwords and account numbers. Also, there is a lot of skepticism about the storage of information, whether it is on the mobile device or in a cloud and the measures taken by the service providers to protect this information from unauthorized use.

To address these concerns, financial institutions, credit card companies, mobile network providers and telecommunications infrastructure companies have come together to implement mobile payment security. Despite this concerted effort, there continue to be many challenges – especially because the security practices implemented by these companies vary.

This is partly why the mobile payment industry is growing slower than expected. An eMarketer (News – Alert) report states that it scaled back its growth estimates for 2013 because no single mobile payment system took off in 2013. Instead, there are many competing technologies that are making this market heavily congested. The report estimates that this trend will continue until 2016, after which the mobile payment industry will take off. In 2017, it estimates the mobile payment industry will top $58 billion