Mobile Payments: Assessing the Threats, Challenges and Security Measures

With an advancement in the technology and use of the mobile devices, online payments has gained its popularity because of ease and convenience. Due to the increase in the usage of the mobile devices, the security and threats have become challenge for the various stakeholders in the complete mobile payment system. All the stakeholders try to make the system secure for the threat free payments. But still the malware attacks and malicious users are considered to be the hindrance in the mobile payment networks at the users and servers end. All these hindrances need to identified and security protocols need to be applied for safe and trusted utility of the applications. All the mobile payment applications register the user's data and also the payment details which require safety of the data itself. For the safe payment network and data of the users the authors have identified certain prevention measures taken by the stakeholders. The implementation of the biometric system which secures the payments and data through identification and authentication of the users. There are implementation of the SSL layers at the server's side for secure transactions at the servers side, usage of the secured PIN, various other preventive measures is discussed by the authors in the paper.