CUSO-News---Payments-Report

close

Categories

More Tags

Subscribe to Email Updates

Popular Stories

MAP Wins 2019 CUSO of the Year Award
Frictionless Payments
The Quick On Visa’s 8-Digit Bin Migration
How Are Person-to-Person Payments Being Used?
The Most Important Components Of A Credit Score
Written by Cyndie Martini
on July 10, 2019

improving their mobile app security. In this article, we look at some of the latest mobile app security trends.

5G Doesn't Eliminate Malicious Wifi Hotspots

Public wifi hotspots are the perfect place for criminals to blend in. They can quickly put up a hotspot, add a name that looks credible or similar to a nearby business offering wifi and wait. Unsuspecting victims start connecting to the unsecured hotspot while the thief gets to work stealing their data.

With 5G coming, why wouldn't people just stay on 5G instead of trusting a public hotspot? There are many reasons, including coverage, signal strength, and automatic switching. Automatic switching is when your smartphone automatically switches from the cellular network to a local wifi network that you've previously used.

Cisco's Visual Networking Index report shows that wifi use will continue growing with wifi counting for 51% of all traffic by 2022. The best that banks can do to help their customers is to educate them about the potential dangers of transacting over public wifi networks.

Mobile Wallets And Integrated Payment Methods

Rather than paying directly through a website on your smartphone, many banks now offer an app with a mobile wallet or integration into a mobile wallet supplied by the smartphone manufacturer. This type of integration prevents credit card numbers and other sensitive information from being sent to an unsecured website. Instead, payment verification is handled through the app and issuing bank, making it more difficult for a thief to take advantage of payment information.

Tougher Verifications From App Stores

On February 27 of this year, Apple told its developers that they would be required to use two-factor authentication when logging into their developer account. This is being done in an effort to ensure that the app developer is, in fact, the one signing in and not a rogue 3rd party. Ultimately, the goal is to prevent spoofed apps from being uploaded onto the Apple App Store.

Let Us Know What You Thought about this Post.

Put your Comment Below.

You may also like:

Fraud FinTech Cybersecurity Fraud Prevention Security

Credit unions must keep their security measures up to date

Hackers are a very real threat to any consumer. They have the knowledge to infiltrate systems and steal information and ...

Fraud Cybersecurity Fraud Prevention

Credit unions must keep their security measures up-to-date

Hackers are a very real threat to any consumer. They have the knowledge to infiltrate systems and steal information and ...