It's undeniable that the volume of mobile payments being made globally is rising exponentially. In fact, non-cash payments are growing faster than GDPs across all regions of the world. But hardly ever do we stop and think about the safety and security of these mobile monetary transactions that most of us make every single day at mobile casinos. After all, it's just a matter of time until hackers feel the need to cash in on the lucrative business of mobile payments too.
In our banking section, we continuously review methods of payment old and new. We pit one method against others, we tell you what the top casinos are where you deposit by phone billing and we've even looked into the safety of mobile casinos as a whole. But with an ever-increasing number of banking methods that you can use on your mobile, we've never looked the safety of these transactions. We rectify that with this article, where we will investigate what threats to mobile payment security lurk out there.
Mobile Payments On A Massive Rise
For the first time ever, this year's Q3 saw mobile payments account for 30% of all e-commerce worldwide. Whilst the move from physical to digital payments is by no means complete, hand-held devices such as mobiles are increasingly popular when it comes to purchasing things online.
And various payment systems were quick to put their foot in the door of this trend, from Paypal's mobile app, to e-wallets like Skrill, to Apple Pay and Google Wallet. It's a clever business move – staying up to date with consumers who wish to spend their money on their mobiles and facilitating those payments.
Online casinos, especially those that brand themselves as mobile-friendly ones, have benefited from this explosion of mobile payments. Otherwise, players would have to make deposits via desktop and who needs all that hassle? Now, it's not unusual to see upwards of ten deposit methods at mobile casinos, which is great news for players as they can pick and choose the methods most convenient to them.
The Biggest Threat To Mobile Security Is…You
Yet with casinos eager to offer as many payment options as physically possible, it begs the question: “Is my money safe with this payment service?” Who would be responsible were one of these methods to fail to protect the sensitive financial data of its customers?
We aren't trying to be joykills, but a newly conducted survey which interviewed 900 cybersecurity experts has got us quite worried about the safety of banking at mobile casinos. The study conducted by ISACA (Information Systems Audit and Control Association) found that 87% of these experts worry there will be a rise in mobile payment data hacking next year.
But why are they so worried and where does the real threat lie? After all, online merchants such as casinos use SSL encryption, are regulated by eCOGRA and take other precautions to protect players' information.
Surprisingly, the answer to the question is consumers themselves. They pose the biggest threat to the safety of their mobile payments and their behaviour while purchasing on mobile is to blame.
From the most dangerous to the least, here are the top consumer behaviours that lead to unsafe mobile financial transactions:
- Use of public WiFi – 26% of the respondents thought that using unprotected WiFi in public places is the leading cause of mobile payment vulnerability. Next time you go deposit at a mobile casino, make sure it's a trusted and protected network, ideally your own.
- Lost or stolen devices – it's quite obvious that a missing device poses a huge threat to the safety of your money and 21% of the surveyed experts indicated that as the most significant threat. So you should always be extra cautious about where your device is and always have a list of numbers of the customer service of all payment systems you use. If you lose your device, make sure to suspend/block your payment accounts immediately.
- Shmishing – phishing attacks via text messages got 18% of the votes. Ignore all suspicious texts and never ever send anyone financially sensitive information via text – reputable companies would never ask this of you.
- Weak passwords (13%) – this one is ridiculously easy to avoid, so there should be no reason that your password cannot be full of capital letters, numbers and symbols. Make it as complex as you possibly can stand to remember it and you won't give hackers super-easy access to your mobile casino banking accounts.
The Long-Run Perspectives of Mobile Payments
As the volume of mobile transactions grows globally, it's unavoidable that more and more mobile payment methods will find their way into mobile casinos. And they are great – quick, easy and effortless to use for every player. However, this increased popularity also means that more and more hackers see mobile payments as an opportunity to get rich.
It seems to us that mobile casinos must constantly be on their toes when it comes to securing mobile payments. They along with payment brands should work on creating more layers of authentication without over-complicating the payment process itself, which is the true challenge.
But bad consumer habits and behaviour are the main culprits of the rising threats to mobile payment security. So it seems that mobile payments definitely do have a future, but consumers need to be educated about the best practises when it comes to making purchases on their mobiles, including depositing at mobile casinos.
Keep in mind the four main points we've highlighted above and you will have far less to worry about!