UK not as keen on mobile wallets as mainland Europe and US

The UK is lagging behind other countries in mobile wallet adoption, according to a new survey out today.

Consumers in the US and Europe are catching up with those in fast-growing economies in Asia and Latin America where mobile wallets have already become the dominant payment platform, according to an online survey of 6,000 consumers in 20 countries worldwide sponsored by global payments software firm ACI Worldwide.

The research shows that 17 per cent of US consumers now regularly use their smartphone to pay, up from 6 per cent in 2014 when the survey was last conducted. In Europe, Spanish consumers are the most active users of mobile wallets, with 25 percent using them regularly, followed by Italy (24 per cent), Sweden (23 per cent) and the UK (14 per cent). Read more here.

Global payments software firm ACI Worldwide found that security concerns, while present, are not holding back uptake.

Steven Murdoch, a security researcher at University College London and authentication vendor VASCO, said that the situation with mobile payment security is mixed.

“In terms of risks, it’s far easier to compromise a smartphone than a card. Cards are simple special-purpose computers, engineered primarily for security, whereas smartphones are complex, general-purpose computers potentially running software from dubious sources.”

Advertisements

Why mobile security is the most critical initiative today

Today our lives are inextricably tied to our mobile devices. We use them just like mini-computers, handling sensitive personal and work-related matters throughout the day. This trend is concerning because mobile devices were not designed with security in mind and are now arguably the biggest threat to both consumer and enterprise security.

Just like we have seen with the evolution of computer threats, cybercriminals are catching onto the new opportunities mobile presents. This past year, we have witnessed a dramatic spike in mobile-first cyberattacks like social media and SMS phishing, malicious apps and even robocalls. These attacks are also only going to increase with the bring your own device workplace.

Why mobile security is the most critical initiative today? Read on..

Former NSA Honcho Calls Enterprise Security ‘Appalling’

Former NSA technology boss Prescott Winter has a word for the kind of security he sees even at large, technologically sophisticated companies: Appalling. Companies large enough to afford good security remain vulnerable to hackers, malware and criminals because they tend to throw technological solutions at potential areas of risk rather than focusing on specific and immediate threats, Winter said during his keynote speech Oct. 1 at the Splunk Worldwide User’s Conference in Las Vegas. ‘As we look at the situation in the security arena we see an awful lot of big companies – Fortune 100-level companies – with, to be perfectly candid, appalling security. They have fundamentally no idea what they’re doing,’ Winter said, according to a story in U.K. tech-news site Computing. During almost 28 years at the National Security Agency (NSA), Winter established the spy agency’s Technology Directorate and served as the agency’s first CTO. He also held positions as the NSA’s CIO, its deputy chief of Defensive Information Operations and, oddly, as chief of Customer Response. He is currently managing director of Chertoff Group, the strategic management and security consultancy established by Michael Chertoff, secretary of the Dept. of Homeland Security under Pres. George W. Bush and co-author of the USA Patriot Act.