On Friday, March 8, 2013, the FTC issued a report called “Paper, Plastic…or Mobile?” which encourages companies to establish and maintain mobile transaction safeguards.  The purpose is to avoid fraudulent transactions before they happen.

The report focused on three areas of consumer concern (based upon previous meetings): dispute resolution, data security and privacy issues.

Regarding charge disputes, the report states that, “mobile payment users may not recognize that their protections against fraudulent or unauthorized transactions can vary greatly depending on the underlying funding source." 

Basically this means, according to theverge.com, that “mobile wallets often allows users to link to multiple payment sources.”

The FTC also had a recommendation for consumers:  Put a password not only on your phone, but an additional, different one for mobile payment apps.