If you’ve been reading our blog over the last year, you’ll know we’re excited about the potential of mobile payments and eCommerce to revolutionize shopping patterns and make transactions seamless. In #MyNFCDay we explored how NFC technology is transforming urban life, while we’ve discussed how mobile payments are soaring in the UK and the US.
At Mobile World Congress 2016, we think mobile payments and eCommerce are going to be a key theme. Here’s how we’re tying into the trend with our demos on the show floor:
Combatting CNP fraud
This is the key challenge for mobile payment and eCommerce security. As we’ve discussed on the blog, hackers are acquiring static card information and using it to make purchases on behalf of unknowing cardholders, as well as intercepting live transactions directly. Consequently, security solutions need to explore how static information can be rendered less valuable. We’re expecting this to be a key theme at Mobile World Congress, with CNP fraud causing $6.4 billion dollars of losses in the US alone and responsible for 70% of total card fraud on EMV markets.
A key priority is to ensure that customer experience is not sacrificed for security. Somehow we need to find a way to reconcile convenience and security – and we think we’ve found a solution with our mobile dynamic code verification system, which we’ll be showcasing at MWC. In place of a static code, mobile users will have a numerical sequence which evolves continuously, making a cyber-attacker’s job much more difficult. Conveniently, a user can decide whether (s)he’d prefer to use a dedicated DCV application, or integrate it with existing banking apps.
Securing mobile banking and the payments ecosystem
We’ll also be showcasing Host Card Emulation technology, which uses tokenization to ensure every stage of the mobile banking process, enrolment to card token PAN management and payment, is thoroughly secure. There’ll also be a chance to see Mobile Connect, which provides an extra layer of digital security by providing mobile phone-based second factor authentication.
Along with handsets, virtual reality, embryonic 5G and IoT innovation, we’re expecting mobile payments and eCommerce to be key themes at Mobile World Congress, with the security perspective being particularly prominent. What are your expectations for MWC 2016? Let us know by posting a comment below, or by tweeting us at @Gemalto.