Don’t be Foolish with Mobile Payments
The commercials make it look so easy and convenient to transfer money, pay bills or get in some shopping when you find a few free moments on a busy day with mobile payments. Certainly, smart phones and tablets are great for stranded travelers needing to find different transportation or hotels.
What the commercials don’t show, however, is how badly you can get ripped off if you aren’t careful about the applications you download or if you don’t spend the necessary time and money for security.
The use of “smart phones” and “tablets” for mobile payments grew dramatically in 2011, with projections of over 62 million smart mobile devices in use by the end of 2011.
Analysts project that by 2014, there will be a $633 billion mobile payments market with 490 million users worldwide.* If you’re one of the growing numbers of people using mobile payments or doing mobile banking, make sure you do so wisely.
(Note: the author of this post’s background includes working for network and internet security specialists, as well as experience in online financial services for one of the nation’s largest banks.) Continue reading