Kount Study Addresses Mobile Payment Security

17-Jul-2017

Merchants are becoming more confident about the value and security offered by mobile payment solutions, according to a new report by Kount. The Mobile Payments & Fraud Survey 2017 is based on surveys of 800 merchants.

But while there have been significant advancement in the availability of mobile wallet options, slow but advancing adoption, and a rise in confidence related to mobile payments, merchants have been slow to adopt mobile wallet technology and as a group are rather complacent in terms of security related to mobile payments, Kount adds.

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Among the top tools to fight mobile fraud, according to Kount, are the following methods and solutions: complete fraud platform, device ID, secure mobile payment methods, biometrics, 3D Secure, and artificial intelligence/machine learning.

“Merchants have made consistent progress with each passing year when it comes to fraud and mobile payments, but we’re still a long way away from the level of protection needed across the industry,” Kount opined in a June 29 blog. “With card not present fraud on the upswing and the majority of merchants reporting no changes to their fraud prevention practices after a breach, the industry at large is leaving itself open for recurring (and oftentimes preventable) fraud attacks.”