A new study from Juniper Research revealed that consumers are poised to make more purchases using their mobile devices for the foreseeable future. However, as this trend continues, both consumers and businesses need to take steps to ensure financial information is adequately protected.
According to the report, the number of people paying for goods and services through their mobile devices is expected to grow by 40 percent by 2015, reaching 2.5 billion globally.
While this represents a great opportunity to ecommerce retailers' bottom lines, it also presents a number of data security challenges.
Security with mobile commerce is likely to be a hot topic for some time. As with any emerging technology, businesses must adjust their data protection policies around mobile devices like smartphones and tablets to ensure they are not putting customer data at risk.
But consumers must be mindful of mobile data security as well. To date, there are relatively few malware and viruses specifically targeting mobile devices. However, such threats are becoming more common as the technology's popularity continues to rise.
Furthermore, mobile devices can be more easily lost or stolen than traditional computing devices. For this reason, it is important consumers do not store sensitive financial information on their phones, lest it fall into the wrong hands.
Fortunately, a recent study conducted by TechTarget revealed that consumers are growing mindful of the data security implications presented by mobile devices. According to the study, security was ranked as the third largest mobile area expected to see investment this year, trailing only smartphones and tablets.
However, the study also found there is room for improvement, as many mobile users have not yet taken steps to address security. According to the report, only 45 percent of survey respondents said their devices were capable of remote locking and wiping, while 35 percent said they used data encryption.