Mobile Payments: Risk, Security and Assurance Issues 

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Mobile payments as a financial transaction medium emerged around a decade ago. Adoption was slow due to the nature of the mobile technology supporting the concept. However, recent significant advances on the technology front have made this area one of burgeoning growth in the financial services sector. Services-based and text-based payment and proximity device communications are appearing worldwide. Widespread use of smartphones and consumer comfort with mobile devices for more than communication are the principal drivers of a resurgent and increased interest in mobile payments. In addition, advances in software and hardware security techniques have made trusted financial transactions possible from these devices. This white paper examines the current state and nature of the mobile payments market, some of the relevant enabling technologies, and looks at the relevant risk, security and assurance issues that security and audit professionals will want to consider when developing and evaluating mobile payment services.

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