The predicted growth of mPOS usage around the world could be put in jeopardy if key security vulnerabilities are not addressed, according to blockchain-powered e-commerce and ID platform venture, Nuggets.
Amazon Go is a grocery store that doesn’t require shoppers to wait in line or use a checkout, and thanks to Marks and Spencer’s new mobile app, customers can pay and leave without ever going near a till. But whilst the likes of near field communication (NFC) technology, QR codes and biometrics have revolutionalised the mPOS market, data security vulnerabilities remain.
At a recent Black Hat conference, researchers identified Man in the Middle (MitM) and Remote Code Execution (RCE) attacks that are possible across a host of the most popular mPOS solutions. Against this backdrop, Nuggets is calling for payment providers and technology vendors to take the issue of data security more seriously, in order to avoid a major consumer backlash.
“We know that retailers want to provide the best customer experience, which means making it easy for consumers to make the ‘anything, anytime, anywhere’ purchases they want. At the same time, it would be irresponsible as an industry if we did not address the clear data security vulnerabilities that are present today,” says Alastair Johnson, CEO and Founder of Nuggets.
“Every major player in this globally connected market needs to be exploring the ‘no data sharing’ solutions that blockchain technology enables, if they are to avoid a predictable consumer backlash that will undoubtedly occur.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.