A study from Juniper Research found that the value of mobile payments for digital and physical goods, money transfers and other transactions will reach almost US $630 billion by 2014. ISACA identified consumer benefits, including the speed and convenience of not carrying cash and credit cards, the consolidation of many cards and an enhanced layer of security.
Enterprises benefit by reaching more consumers, reducing the amount of stored data needed to meet compliance requirements, improving transaction security and fraud detection, and engaging in location-based marketing (geo-marketing).
“Mobile payments offer many benefits, but we also need proactive planning and measures to manage risk, which can include anything from theft of identities and services; loss of revenue, brand reputation and customer information; and money laundering and terrorist funding,” said Nikolaos Zacharopoulos, chair of ISACA’s project development team for the white paper. “This guidance identifies the risk types and the countermeasures that should be in place to mitigate them.”
The Mobile Payments white paper provides practical advice for enterprises:
- Build robust controls into the planning process.
- Ensure that transactions are carried out only by the authorized person.
- Identify the data that are considered personal and sensitive, and ensure it is protected.
- Ensure that third parties involved have robust security governance in place.
- Pay specific attention to the originating point of a mobile transaction - the customer device and the user.
The white paper is available here (registration required).