Though more and more mobile phones are allowing consumers to make purchases with their electronic device, it seems that government regulations and product providers have not taken appropriate steps to protect consumers.

Those who use their smartphone to make a purchase are still at risk of credit card fraud. or identity theft, because protections that are in place for ordinary purchases with a credit card do not cover all of the aspects of mobile phone shopping.

"As mobile payments systems come to the U.S., product providers and regulators need to make sure that they are at least safe for consumers to use as traditional credit card and debit card payments," said staff attorney for the Consumers Union Michelle Jun. "It is critical that mobile payment systems are covered by strong rules to protect consumers from losing money because of fraud., processor error or a dispute with a retailer."

Those who shop on the web should consider using a payment protection service to safeguard their personal information, as the Federal Trade Commission estimates that there are approximately 9 million cases of identity theft in the U.S. each year.