A smartphone-based payment system has more security threats than carrying a traditional wallet. Firstly, cybercriminals tamper with the mobile payment application to capture login details through the back door and send the login details to the attacker’s server. The attacks also use reverse engineering to obtain information on the payment application to crack hardcoded passwords and exploit any vulnerability such as registration of bank details. Additionally, malware infections gather information about smartphone users from social media sites and search engines, exposing them to attack.  Lastly, losing a phone makes the user extremely vulnerable to unauthorized users by bypassing PIN or fingerprint locks. Fingerprints can be accessed from surfaces and used to access the smartphone, and data installed in the phones can easily be accessed and stolen for malpractice (Akinyokun, 2017).  Conversely, there are no security breaches with traditional wallets to your money and personal information.

Need assignment help for this question?

If you need assistance with writing your essay, we are ready to help you!

OUR PROCESS

Order

Payment

Writing

Delivery

Why Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality

ORDER NOW

(693words)