Market is noticing a huge shift in trend with respect to mode of payment migrating to mobile based payments. As the mobile channel can facilitate nearly any type of consumer payment, often with greater convenience than before.
This has attracted a growing number of dedicated users, yet wherever legitimate payments begin to flourish fraud is soon to follow — and “mobile payments fraud” is no exception.
Securing the enrolment and use of mobile payment apps will be critical to managing the risk of mobile payments fraud. Unfortunately, criminals’ methods and skills are evolving more quickly than the controls that are being put in place to protect mobile payments and underlying accounts and also there are no standards which guarantee the security of mobile payment application.
What is PaySec?
SISA PaySec is validation for mobile application handling payment transactions, the program confirms the application is secure for payment transactions and provides assurance to end user that the transactions made from their mobile/hand held device is secure.
SISA being Payment Security Specialist, focuses on critical risks areas for mobile payment application to identify vulnerabilities and provides support to remediate vulnerabilities identified.
PaySec is programmed to focus on security objectives including but not limited to the below factors:
- Protection of card holder data
- Secure Authentication
- Secure Application Development
- Vulnerability Management Process
- Application Logging
- Secure Coding
Planning to build a mobile payment application? Get started here.
To provide assurance for your customers on the payment application and build reliability with customers, get your application PaySec validated today!