Mobile payments and mobile banking are on the rise. Gartner estimates that worldwide mobile payment transaction values will reach $235.4 billion in 2013, a 44% increase from the $163.1 billion in 2012, with a continued annual growth rate averaging 35% per year. Money transfers account for the largest total transaction value (71%), followed by merchandise purchases.
As the services catch up with the convenience that mobile device offers to online shopping and banking transactions, more people will move e-commerce from transitional laptops and desktops to mobile devices. Pew estimates that 32% of US adults already bank with their mobile phones (compared to the 51% already banking online).
The increase in the use of mobile devices for banking and m-commerce (mobile commerce) is attractive to criminals, many of whom now harvest data from stolen phones before reselling the devices. Criminals are thus reaping a profit from both the information on phones (which can be used directly or sold online to cybercriminals intent on identity theft, fraud or corporate data theft) and the devices themselves.
There is no question that the ability to make payments, do banking or do purchases via the web or smartphone apps is convenient, so here are some ways you can protect yourself:
LoJack for Mobile Devices is the only security software on the market offering a comprehensive approach to mobile theft. We go beyond just tracking stolen devices, we work with law enforcement globally to get the device back. You can also remotely delete sensitive files or, if the device is deemed unrecoverable, activate the "kill switch" for the ultimate in protection. Read more here.