Your wallet is something you never want to lose. However, many people are now using mobile wallet applications for making purchases and money transactions. Opposed to your physical wallet, it is hard to control the security of your mobile wallet. Security breaches happen unexpectedly and quietly. A security attack to your mobile wallet can go unnoticed for quite some time.
According to Bloomberg BusinessWeek who refers to Mobile Payments as the new frontier for criminals:
“Nearly 70 percent of mobile phones aren’t password-protected, according to Sophos, a mobile security vendor. Parents allow children to play with their phones without considering that they may download some bit of malware, says Shirley Inscoe, a senior analyst at Aite Group: ‘They don’t realize the risk they may entail given the data stored on their mobile device.’
Criminals can access a mobile wallet by stealing the handset or by tricking its owner into downloading a piece of malicious code. Malware attacks on U.S. smartphones have risen 18 percent since 2011 and now add up to 15.3 percent of the world total, says mobile security vendor NQ Mobile…
…Banks and mobile-payment providers are scrambling to build—or buy—better defenses.”