Mobile wallet fraud happens when fraudsters take over your digital wallet account. Another scenario is that fraudsters use mobile wallets to pay with stolen credit card numbers, which is hard to detect for online merchants.
What are the policy considerations for digital wallets?
- Policy Considerations for Digital Wallets Wallets are not themselves accounts or payments but a vehicle for accessing accounts or making payments. Many that relate to accounts and payments, but not wallets, are often conflated with digital wallet issues. Policy issues highlighted below are specific to wallets. Data Privacy and Security
What information is stored in a digital wallet?
- Depending on the type of digital wallet used, the information stored might include debit, credit, prepaid or loyalty card data as well as personal information of the card holder such as drivers license, health card, loyalty card(s) and other ID documents. Mobile Wallets
How secure is Google Wallet?
- Initially Google Wallet relied on the Secure Element as its trusted store of sensitive payment information. Google has since changed direction, using Host Card Emulation after announcing Android Pay in May 2015, which in effect means that payment credentials are stored in the cloud. Security of Mobile Payments and Digital Wallets
Can digital wallet services be targeted by DDoS attacks?
- Digital wallet services including cloud services used by mobile payment providers can be targeted with DDoS attacks by threat actors seeking to disrupt mobile payment services.