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How can you guarantee that this will be secure for retailers and consumers?
As with all our payment methods, security in mobile payments is of paramount importance and as a result, the new mobile payment technology has been developed and rigorously tested to ensure customers' transactions and personal data will be protected and secure. The launch proposition will focus on a SIM-based approach to payments ensuring enhanced security for customers, as well as providing a single route to Barclaycard or Orange customer services teams.
All contactless mobile payments are processed online. This means that if you cancel your phone because it is lost, damaged or stolen, no transactions can be completed. This gives an added benefit of security as all transactions complete a full authorisation cycle before being processed.
In the unlikely event of fraud, contactless transactions, whether through a mobile, debit card or credit card benefit from the same 100% fraud guarantee as standard transactions nationwide, and customers would be immediately and fully reimbursed for any losses. Because contactless transactions are not verified by PIN, the liability for fraud in these cases lies not with the retailer but with the issuing bank.
To prevent fraudulent use mobile payments will rely upon sophisticated fraud detection systems. In addition, the customer has the choice to add in a PIN to their contactless mobile payment device which adds an additional layer of security.
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