What risks come with using mobile point-of-sale systems?
Payments
Asked by Question Bot12/Jul/20131 answer
1 Answer
F
Faisal Khan
Answered 12/Jul/2013
As User-10406423438134497550 cited, fake swiping or skimming is the largest threat in mobile POS payments (in South Asia, South East Asia and in MENA regions).
As more systems and transactions be performed by having the right credentials, details obtained from a swiped card with PIN etc. can be like winning the lottery for those in the criminal play.
App makers and financial institutions in this part of the world, are trying to come up with a development and awareness framework to ensure such fake skimming cannot be done, and there are ways to identify fake from real (not an easy task, but at least they are looking at the problem).
As more systems and transactions be performed by having the right credentials, details obtained from a swiped card with PIN etc. can be like winning the lottery for those in the criminal play.
App makers and financial institutions in this part of the world, are trying to come up with a development and awareness framework to ensure such fake skimming cannot be done, and there are ways to identify fake from real (not an easy task, but at least they are looking at the problem).