Tech expert discusses security of mobile phone payment at Paris conference

Mobile payments

Pat Carroll, CEO of ValidSoft, a telecommunications-based fraud prevention supplier, said at the Cartes 2012 conference on Wednesday that “the rush to grab a share of the (mobile payment) market (by mobile network operators, banks, phone manufacturers and retailers) has led to compromised security, highlighting the need for the industry to find a robust security solution.”

Speaking about the importance of fraud prevention, he said that a “trust” factor – a protected channel that is created in real time and exists only for the duration of that transaction – could be worth looking into.

His advice to financial enterprises is that “the goal should always be to make enrollment, activations and transactions safe, but at the same time not to compromise the customer experience with overly complicated secured procedures. There is a delicate balance to be met if the mobile wallet is to be a secured as well as a commercial success.”

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