Mobile Payments, Security Issues and Solutions

Baris Isler and Hakan Gulac

Journal of BRSA Banking and Financial Markets, 2017, vol. 11, issue 2, 53-86

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.

Keywords: Mobile Payment; NFC; QR Code; USSD/SMS; Social Media (search for similar items in EconPapers)
JEL-codes: G21 G23 O33 O35 (search for similar items in EconPapers)
Date: 2017
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