The rise of data breaches throughout 2016 shows there needs to be more mobile app security testing of mobile payment apps.
Mobile payment apps are a target for businesses who risk their customer’s trust, capital investment, and data. Mobile app security for payment applications has improved with ISACA viewing mobile payment apps as more secure with numerous benefits to businesses and consumers as compared to online shopping sites and plastic payment cards. In addition, mobile payment brings a focus to maintaining security standards between releases.
With significant improvements in mobile payment technology since with the introduction of tokenization to secure mobile payment apps. The generation of a random token to the Point of Sale terminal (POS) as opposed to transmitting the Primary Account Number (PAN) of a card secures customer’s critical data from interception during transit. This technology contributes towards stronger mobile app security and lessens the chances of fraud compared to plastic cards, which have visible PAN number and a magnetic strip that can also be read with a card reader.
Mobile payment technology also keeps the mobile wallet safe when the device is stolen or goes missing. The data on a mobile device can be removed remotely and payment cards do not need to be replaced as their information does not exist on the mobile wallet.
These businesses are using improved mobile app security testing methods, integrating testing into the DevOps flow and ensuring more robust release processes.
Secure Mobile Payments can Encourage Business
As mobile payment technology improves we can expect to see an increase in customer trust and satisfaction for businesses and serves as a value add. The reduction in fraud has reduced costs and given businesses a secure way to introduce customer loyalty programs. However, enterprises must consider all potential risks that come along with the benefits. All technology now has risk elements that require assessment before a business plans to adopt mobile payment.
Codified Security is here to help make your mobile app secure whether it’s for iOS, Android, or to make sure you’re clearing the OWASP Mobile Top 10. For mobile app security testing try out Codified Security.