Business Reporter: Merchants know that mobile is the future of payments but it's the future of fraud
More than half the UK population uses mobile for shopping and paying bills, and it is the fastest growing platform for commerce. There is no doubt that mobile is the future of payments.
Yet in the rush to prioritise mobile channels and make mobile payments easier, our research has shown that security is not being given the focus it requires. More than 82 per cent of merchants actively support the mobile channel today, up from 54 per cent at the time of the inaugural survey.
Mobile commerce is more vulnerable to fraud than any other channel. So security must be made a priority. Our research, though, shows that this is not happening.
Fewer than half the merchants we speak to knew what fraud comes from mobile. And even fewer merchants thought it was important to detect mobile transactions or that there should be specialist tools to detect m-commerce fraud.
These trends are concerning because they represent falsehoods. Knowing which channel a transaction comes from is critical to detecting fraud and m-commerce fraud needs m-commerce fraud fighting tools.
Kount’s all-in-one solution simplifies fraud management and maximises effectiveness by providing:
- Real-time mobile device detection
- Additional real-time data elements on risk enquiry call
- Two-factor authentication through SMS or Voice PIN
- Rules engine mobile device capability
- Mobile reporting and search
- Mobile SDK for easy development
If your business prioritises mobile, it should prioritise mobile security too.
Source: The Business Reporter.