Mobile payments look good, security issues bear the brunt

The current mobile payment market can be described as "a hundred flowers bloom, a sudden rise".

Hundreds of flowers are all the three mobile operators have officially started mobile payment solutions based on SWP SIM plus NFC mobile phones, and actively and financial, bus cooperation, bank UnionPay and other financial institutions also actively promote the construction of mobile financial TSM platform, and based on this launched NFC microSD card mobile payment solution. Some organizations and mobile phone manufacturers have jointly launched an NFC full-terminal solution based on built-in security chips. Bus service companies have actively used the market leading position to actively negotiate cooperation methods with various parties, and introduced a variety of mobile transportation payment solutions while bringing convenience to the public.

A sudden rise in the military refers to the widely paid mobile Internet payment. Based on the convenience of Internet payment and a good user experience, mobile Internet payment has gained a large market share in the short term. However, the lack of necessary financial security is a serious problem for some mobile Internet payments, and regulators have already paid considerable attention to this issue. We believe that giving up security is not the intention of mobile Internet payment, but is limited by technology and market development, and it is a helpless move for many service providers to seize market share. It is believed that with the development of security regulatory requirements and the development of security chips and smart phones, security and convenience will be able to do both.

Pan Xiaozhe, China Manager, Smart Card and Security Division, Infineon Technologies (China) Co., Ltd.

Pan Xiaozhe, Manager, Smart Card and Security Division, Infineon Technologies (China) Co., Ltd.

Host card emulation technology will promote the development of mobile payments. However, people will sooner or later realize that to maintain security is not as simple as relying on software. Just look at the recent SSL hacking to understand this. Infineon believes that hardware is ultimately required to ensure security. Many companies are worried about hacking. Only with solid hardware (security chip) can they be safe and reliable. Data is stolen by hackers, not as obvious as losing a wallet, and often overlooked.

How to protect user data security?

For a long time, the lack of cooperation between operators and financial institutions, the inconsistency of standards and the security of payment are still obstacles to the development of mobile payment. Although the number of mobile terminals supporting mobile payment (NFC) has increased, it is difficult to improve in the short term. On the other hand, Square-based box payment, Internet-based payment methods (such as Alipay, QR code payment, etc.) are constantly emerging, and these kinds of payment methods will be played in the market.

In Infineon's view, the current competitive landscape will gradually evolve into a competition for how to ensure the security of user data. The emerging emerging payment methods will promote the speed and breadth of traditional institutions to participate in mobile payments. At the same time, in the face of market and supervision, emerging payment methods will inevitably need to greatly improve the security level of payment. Security will eventually become one of the elements of competition among payment service providers.

With the recent large-scale entry of non-traditional Internet companies into financial payment services, while consumers are experiencing the convenience of new businesses, relevant industries and regulatory agencies must increase their emphasis on mobile financial security. Mobile smart devices have powerful processing capabilities, easy to install foreign software and online in real time, with short-range communication capabilities such as WLAN, Bluetooth, NFC, etc., with various sensors and global positioning satellite receivers, with camera equipment, and storage A lot of personal data and running social networking apps and more. It can be said that the mobile phone has all the information we have and is also mastering our daily life.

All of this makes mobile smart devices an object of various types of attacks. For example, malicious code can be infiltrated into mobile phones through various methods such as website, QR code or NFC Tag boot device download, NFC or Bluetooth injection, clone or tampering. Confidential information on the phone, even using the phone itself as an attack tool, to achieve a distributed "botnet" attack; on the other hand, when the phone is used as a collection terminal to work in POS form, an illegal user can try to tamper with the mobile The device attacks the payer, and the malicious payer can also inject malicious code into the POS through the transaction opportunity. All of these risks will seriously affect the development of the mobile financial market and cause huge losses to the industry and society. Therefore, mobile payment needs to accept financial security level and even higher level of specification and certification. Whether online or offline, the use of secure chip-based mobile financial services can integrate existing secure payment applications based on common financial chip cards. It is in the final interest of the service provider and the consumer, helping the regulator to guide the orderly development of the management market, control the potential risks and ultimately support the sustainable development of the market.

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