Global Telecommunication Company Qualcomm said the online transactions in India are not secure as the digital wallets and mobile banking applications are not using the hardware level security.
“You will be surprised because most of the banking or wallet apps around the world don’t use hardware security. They actually run completely in Android mode and users password can be stolen. Users use fingerprint which might be captured … in India that is the case for most of all digital wallets and mobile banking apps,” Qualcomm Senior Director Product Management Sy Choudhury told media.
“Reason we are saying that none of them is using it because we work with OEMs (original equipment makers),” he added.
He said that even the famous companies in India are not using hardware level security and Qualcomm is approaching digital payment companies for using secure environment for payment processing.
“We are providing secure execution environment in the chipsets. This layer separates transactions on mobile phone from operating system. This checks any malware from effecting transactions,” Choudhury said.