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@ThingsExpo: Blog Post

Mobile Outlook for 2015 By @Zumigo1 | @ThingsExpo [#IoT #Security]

The mobile space is changing rapidly

As we continue to work with global companies focused on everything mobile, one thing is clear - the mobile space is changing rapidly and with that comes opportunity for security attacks and identity theft. We are committed to delivering the best-of-breed mobile identity and mobile location-based transaction authentication solutions for retail merchants, financial institutions, wireless carriers and device manufacturers. For 2015 we see the following trends emerge in the mobile payments arena. These are outlined below:

  • Retailers will adopt device identity to reduce fraudulent online transactions. By verifying the ownership data of a mobile phone against the transaction information, merchants can quickly confirm valid credentials.
  • Retailers will adopt mobile device location to reduce location spoofing transactions utilizing stolen card data. Recent data breaches have put millions of records into the black market. One of the most effective methods of identifying a fraudulent transaction is knowing if location spoofing is being used. Verifying a mobile phone against an IP ensures that spoofing is not occurring.
  • Mobile devices and their underlying data will be used as a mobile wallet. Shopping carts can be populated with name, address and payment data in a secure manner, without an app. This means that any e-tailer will be able to offer simple, secure checkout experiences reducing abandonment and fraud.
  • Companies will get more serious about identifying devices authenticating to their networks. Today, companies can only identify known devices, and new devices are just assumed to be safe devices. New developments in mobile network-based technologies offer new ways to secure devices and plug the gaps in current solutions.
  • Financial institutions will recognize the diminishing value of out-of-wallet questions for verifying identity and shift to mobile device solutions. Since mobile identity can be confirmed passively, adoption is not a hurdle, and it solves the problem of confirming the party they are dealing with.
  • Companies will use the mobile device as a proxy for identity. As consumer adoption of mobile devices approaches 100%, it becomes more useful than passwords, physical identifications or any other mechanism to verify identity.

More Stories By Chirag Bakshi

Chirag Bakshi, a veteran of the mobile industry and Silicon Valley, is CEO of Zumigo. Previously he was Vice President & General Manager of the VeriSign Mobile Messaging business. He joined VeriSign through their acquisition of Unimobile, where he was COO and a Founder. He helped the company build a world-class scalable and robust Wireless Platform driving significant revenue for Mobile Operators and Enterprises.

Chirag also served as a General Manager at EFI where he established a very successful Network Graphics Server Business Unit , Director at Apple for their LaserWriter line of products and in Engineering at Rolm Corp developing distributed PBX switch software. Additionally, he served on the Mobile Marketing Association (MMA) Board and Wireless Internet Caucus (WIC) Leadership Council.

He has his B-Tech degree from IIT Bombay, and M.S. degrees from Stanford and the University of Michigan. He holds several patents in software and mobile technologies. Chirag has assembled a team of mobile engineers and product professionals who have collectively launched some of North America’s most broadly deployed mobile technologies prior to joining forces at Zumigo.

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