Evolving security threats in mobile payment space a top concern

“This is a proactive move both from the issuer and regulatory perspective,” Boost Life CEO Ungku Norliza Syazwan Ungku Halmie said.

KUALA LUMPUR: Evolving security threats in the mobile payment space are on the top the minds of participants and speakers at an economic forum.

The World Islamic Economic Forum Foundation webinar titled “eWallet – Embracing a Cashless Transformation” heard that all stakeholders would need to increase vigilance and take proactive measures to prevent or stop any of such occurrences.

“In Malaysia, Bank Negara had issued the Risk Management in Technology guidelines on how players in financial institutions such as electronic and eWallet issuers would need to ensure their IT environment and infrastructures are safe enough for transactions to happen.

“This is a proactive move both from the issuer and regulatory perspective,” Boost Life CEO Ungku Norliza Syazwan Ungku Halmie said.

“The consumer would also need to be aware of this – how to educate themselves to ensure that everyone is aware of the data they’re transmitting online.

CLICK TO ENLARGE

“Is the website (or app) safe enough for you or is it actually a scammer trying to phish your information? Public awareness and education is critical,” she added.

Ungku Norliza said this pertinent issue has to be tackled from all angles – the issuer, regulator and consumer – to ensure cashless transactions would stay secure with the evolving threats.

She noted that these security issues would still keep counter services relevant despite the rise in popularity of mobile payments.

Associate director in the payments transformation practice under FS Advisory at PwC India, Aarushi Jain, said regulators have to be more agile as scammers have become very adaptive to new security measures.

“The scammers are very intelligent as technologies evolve. There may even be the need to take unorthodox measures.

“In India for example, Visa and Mastercard would need to put their data within India. Any company which had their data outside of the country is not allowed (to operate),” Aarushi said.

The forum also heard that eWallet transactions have grown vastly in popularity, especially after the onset of the Covid-19 pandemic, and this trend is expected to continue.