According to a 2015 Mobile Payment Security Study of 900 security professionals, half say mobile payments such as Apple Pay are not safe. Nevertheless, nearly all expect paying by phone to become a lot more common in the next 12 months.
The riskiest thing you can do is use public Wi-Fi. Losing your phone is the second riskiest. After that comes responding to a fake inquiry by email or on the web. The fourth riskiest activity is having a weak password. Payment card fraud amounted to $32 billion in losses in 2014, up from 23 billion in 2013, according to LexisNexis. As the late Senator Everett Dirksen once cautioned to his colleagues: “A billion here, a billion there, and pretty soon you’re talking real money.”