BizReport: Report: Mobile fraud big issue for retailers
New data has been released from Kount that indicates that although retailers are award of mobile fraud in general, they aren't certain if their business has a mobile fraud problem.
Over the past four years mobile fraud has increased by more than 80% according to fraud prevention solution Kount, but despite this huge rise in fraud nearly half (4 in 10) retailers surveyed report their biggest mobile fraud challenge is determined if mobile fraud is a problem for their business. And, despite this huge issue, the top concern for retailers with mobile sales channels is simplifying mobile transactions (24%).
Both credit card issuers (44%) and merchants (41%) say mobile commerce holds more risk than ecommerce.
"Despite awareness that the mobile channel poses a greater risk than standard eCommerce, businesses are taking a blanketed approach to their security strategies," said Don Bush, vice president of marketing at Kount. "Security is an essential part of the consumer experience. And, as we saw with the rampant spread of data breaches, if organizations don't have a tailored strategy to manage fraud as it evolves, they, and their customers, will be paying for it for years to come."
Other interesting findings from the report include:
- 36% of merchants believe typical ECommerce fraud tools 'are sufficient' for mobile
- 45% of merchants say they won't add any fraud prevention/fighting tools this year
- 45% of merchants support Apply Pay, 34% support Android Pay
Source: Written by Kristina Knight for BizReport.