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Mobile Payments, Security Issues and Solutions

Author

Listed:
  • Baris ISLER
  • Hakan GULAC

Abstract

Along with the developing information technologies and accelerated information systems infrastructure, the use of mobile payment systems, as well as security risks, increase and attract the attention of attackers due to the use of intensive personal and financial data in mobile payments. In this study, it is concluded that the payment data should be protected with an extra security layer and the payment confirmation should be done with a different dynamic element instead of the sensitive payment data. Furthermore, it is recommended that NFC device should be run in passive mode, limiting communication time between NFC device and POS device, increasing user awareness for NFC payments and at QR code payments, variable code at each payment, URL redirection by the merchant and short domain name should be used.

Suggested Citation

  • Baris ISLER & Hakan GULAC, 2017. "Mobile Payments, Security Issues and Solutions," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 11(2), pages 53-86.
    • Handle: RePEc:bdd:journl:v:11:y:2017:i:2:p:53-86
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    More about this item

    Keywords

    Mobile Payment; NFC; QR Code; USSD/SMS; Social Media;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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