By Michael Connor, Managing Principal Every time the topic of mobile wallets comes up, an inevitable conversation always occurs regarding the security of the wallet and the risk of phone theft. What happens when you lose your phone? Doesn’t this put the customer at risk? Won’t we see an increase in fraud? Now answer this question: How secure is your current wallet? What would happen and what would you do if you lost your wallet? Odds are that you don’t have a password to open your wallet, but I would bet that you do on your phone. The fact is that placing payment on a device SIM or in the cloud, protected by passwords and encryption technology, is more secure then walking around with your wallet in your back pocket or in a purse. We went through similar concerns of hysteria when credit cards with the Europay, MasterCard and Visa (EMV) chip were rolled out in Canada and Europe. I remember watching “journalists” create an atmosphere of fear that criminals could walk down the street with devices capable of stealing from unsuspecting people as they go about their day. This concern has never become a reality. I am not arguing [...]
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