How Safe Are Smartphone Payments?

Almost a third of smartphone users think that accessing online payments systems through smartphones or tablets is not safe. They do not trust the security of mobile devices in terms of making purchases over the Internet or using online banking type services, as evidenced by the Kaspersky Consumer Security Risks survey.

Stores, online payment platforms and e-banking systems have simplified many financial operations. This gives users the ability to pay their bills, buy hard to find items and make transactions through a few clicks without wasting time on crowded counters.

Smartphone payments

The widespread use of smartphones and tablets makes online banking even more convenient: portability and functionality of these gadgets implies that users can access their phones not only at home or office, but anywhere where the device has Internet access by data connection or Wi-Fi. Not all smartphone and tablet owners understand the benefits of making online payments while being on the road and also, it seems that many are hesitant to adopt the mobile banking technology.

According to the International B2B study, 33% of respondents would use a mobile device to make purchases online, and pay for goods in online shops. A slightly smaller proportion, but still considerable, owners of smartphones and tablets (31 %) do not feel comfortable using their devices for online banking operations. In addition, only 23% of smartphone users and 45% of tablet users are concerned about the introduction of financial information through gadgets.

Android is the most popular operating system for mobile phones worldwide and therefore is the most commonly attacked by cyber criminals, which seems naturally considering the big number of users, making it easier of getting attacked by cyber criminals. According to Kaspersky Lab, 99% of total existing mobile malware samples are developed for Android. In 2012, the company’s experts have identified 35,000 Android malware samples, and in the first six months of 2013 this number rose to over 47,000.

These data have convinced some users to give up all these devices and use them in their daily life but less for online financial transactions – 11% of those surveyed said they would not use Android because of this reason.

Android applications for online banking can be faked for phishing and malware attacks developed to intercept user data via the keyboard – these are some of the most commonly tools used through malware to attack Android device owners.