### Abstract Mobile payment systems have transformed the way consumers conduct transactions, offering convenience and speed. However, they also face significant security challenges, including data breaches, identity theft, and fraud. This paper explores the primary security vulnerabilities in mobile payment systems, such as insecure data transmission, inadequate authentication methods, and susceptibility to malware. We discuss existing solutions, including encryption techniques, multi$-$factor authentication, and biometric verification, highlighting their effectiveness in mitigating risks. Additionally, the role of regulatory frameworks and user education in enhancing security is examined. By identifying and addressing these challenges, stakeholders can foster a safer mobile payment environment, ensuring consumer trust and widespread adoption.