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Serious Growth for mCommerce in 2012

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The practice of mCommerce (or M-commerce) is using a mobile phone to make purchases. Like credit card transactions, your card/device can be either present or not present.

Mobile payment has been around for years in numerous forms for purchases such as downloading music, ringtones and various other services, and it is now gaining traction for retail purchases in the U.S. But its implementation in the U.S. is a bit slower due to a lack of standardization of payment methods and the overall security concerns of mCommerce.

Some consumers in the U.S. have had bad experiences with criminal hacking and data breaches and so are concerned about their security. As a result, they are waiting for the various handset manufacturers (in other words, those who make the phones), mobile carriers (those who provide mobile service) and third-party technology providers (those who make the technology that facilitates financial transactions) to agree on standardization that will lead to more secure transactions.

Regardless, EcommerceTimes.com reports in its holiday retail edition that Foresee, a customer experience analytics firm, saw the Mobile Satisfaction Index jump two points over Christmas 2011 to a score of 78 on a 100-point scale.

When it comes to individual companies, Amazon took the number-one spot with a score of 85. Apple and QVC were next with scores of 83, with NewEgg and Victoria’s Secret coming in at 80 in the report. Those at the bottom of the list of 25 mobile retailers include Shop NBC with a score of 73, and Sears, RueLaLa, Overstock and Gilt.com, which each earned a 74 in the ratings.

The study shows that the mobile platform is maturing faster than the traditional web. But this will also mean criminals are moving to mobile as an attack vector.

To stay safe while mobile shopping:

  1. Keep mobile security software current. The latest security software, web browser and operating system are the best defenses against viruses, malware and other online threats.
  2. Automate software updates. Many software programs can update automatically to defend against known risks. If this is an available option, be sure to turn it on.
    1. Use a private VPN. Hotspot Shield, which is free to download, creates a virtual private network (VPN) between your laptop, iPhone, Android or tablet and any internet gateway. This impenetrable tunnel prevents snoopers, hackers and ISPs from viewing your web browsing activities, instant messages, downloads, credit card information or anything else you send over the network. Hotspot Shield is available for iPhone/iPad and Android devices

Robert Siciliano is an Identity Theft Expert to Hotspot Shield VPN. He is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen See him discussing internet and wireless security on Good Morning America. Disclosures.

What is mCommerce and how do you keep transactions safe?

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mCommerce (or M-commerce) is using a mobile phone to make purchases. Like credit card transactions, your card/device can be either present or not present. In other words, “present” might mean your mobile is equipped with an application that you use to make a purchase in person, such as to buy a cup of coffee or a train ticket. “Not present” could be when you use another application or your mobile browser to make a remote purchase over the Internet or another type of mobile network.

There are several different forms of mobile commerce:

Mobile shopping: You comparison shop or purchase something online using your mobile device (and its browser or a mobile app)

Mobile banking: You interact with your bank account (actions such as check the balance, transfer between accounts, make payments) using your mobile device

Mobile wallet (mobile payments): The mobile device itself is used to authorize payment (via a stored credit card)

Mobile point-of-sale (POS): Specialized card swiping attachments let your mobile device be used to collect payment from a credit card

All of these forms of mobile commerce require a wireless connection to the internet over Wi-Fi or your carrier’s 3/4G connection. Always use a like Hotspot Shield when engaging in mCommerce. Hotspot Shield, which is free to download, creates a virtual private network (VPN) between your laptop or iPhone and your Internetgateway. This impenetrable tunnel prevents snoopers, hackers and ISPs from viewing your web browsing activities, instant messages, downloads, credit card information or anything else you send over the network.

Robert Siciliano is an Identity Theft Expert to Hotspot Shield VPN. He is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen See him discussing internet and wireless security on Good Morning America. Disclosures.

How Safe Is Paying With Your Phone?

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mCommerce, or mobile commerce, refers to financial transactions conducted via smartphones or other mobile devices. But are mobiles really meant for financial transactions?

While about a third of mobile phone users remain unwilling to dabble in mCommerce due to identity theft concerns, the majority of users are apparently comfortable making purchases with their phones, just as they would with a PC.

mCommerce’s strength is the variation between mobile operating systems and handset technologies from different manufacturers, which makes it difficult for criminals to create and distribute mobile malware. Additionally, mobile carriers’ networks have higher levels of encryption, making it more difficult for a hacker to access a 3G connection, for example.

Handset manufacturers, application developers, and mobile security vendors continue working to improve mobile security. Banks are offering a consistent sign-on experience for both their online and mobile channels, including multifactor authentication programs for mobile.

Consumer Reports estimates that almost 30% of Americans that use their phones for banking, accessing medical records, and storing other sensitive data do not take precautions to secure their phones.

Download a mobile security product such as McAfee Mobile Security. This is particularly crucial for Android users, as Androids tend to be more vulnerable to attacks.

Use your carrier’s 3G connection to send sensitive information, rather than Wi-Fi.

Use your bank’s dedicated mobile application, rather than accessing their main website via mobile device.

Set your device to lock automatically after a set period of time.

Invest in software that can remotely lock, locate, and wipe a missing mobile.

Robert Siciliano, personal security expert contributor to Just Ask Gemalto. Disclosures