‘The average time it takes before a person realises they have lost their mobile is around 25 minutes compared to the average time it takes for a person to realise they have lost their wallet which is around 1 day’[From Ponderings of The Orange Cow…..: Mobile Payments – Are they Secure?]
What’s more, of course, when someone steals your credit card you have no idea where it is, but if someone steals your phone then the phone company knows exactly where it is. So there’s nothing inherently less secure about using a phone to pay. However, as a corollary, the payments guys need to understand the levels of security available on the mobile platform and the inter-relationship between the security of payment system and that platform. We can’t afford to have anything fall through the cracks.