Leveraging Mobile Without the Fraud Price Tag
Depending on who you ask, online holiday sales will range between $89 billion and $105 billion this year. While that means overall online sales growth is expected to taper down from double-digits, mobile commerce continues to grow – tripling in percentage from December, 2011 to December, 2013. Add in IBM’s estimate that 20% of site sales and more than 43% of site traffic will come from mobile devices this month, and you can see a clear picture: If your business isn’t prepared for mobile, you’re missing a substantial opportunity.
Granted, you probably know this. According to merchants participating in our Mobile Fraud Survey last year:
- Nearly a third expected 10-20% of sales to come from mobile in 2014
- The majority believed the most important aspect for mobile commerce was making the transaction easy
- Nearly 60% believe it’s “important” or “very important” to be able to detect transactions initiated from mobile devices, yet more than half did not have this capability
Think about that last stat for a second. Half of these merchants are potentially missing a sale by not being optimized for mobile shoppers, as 67% of users are more likely to buy from a mobile site. Worse yet, if they can’t identify a device, they’re missing one of the most basic and critical components for detecting fraud.
And if you think cybercriminals aren’t following the dollars online and developing their own mobile strategy, think again.
Fortunately there are multiple ways to go mobile and stay protected. For most companies this decision is between designing a website to be responsive to any device and developing a native application. Or both. Ideally your mobile fraud solution should integrate into either option while providing the same levels of fraud protection you expect for any transaction.
So when you evaluate the best fraud protection to complement your mobile strategy, ask the following questions:
- Will m-commerce receive the same levels of fraud protection as e-commerce?
- Is there a software developers kit (SDK) for each of the leading mobile operating systems?
- Does the SDK easily integrate with my mobile platform?
- Will it enable me to accept all types of mobile payments, including credit cards, gift cards, PayPal, in-app purchases, and mobile wallets like Apple Pay?
- Can I gain any additional insights from or visibility into a transaction that I wouldn’t have had before?
If any of the answers or no, look until you find one that does. Kount was one of the first to provide our SDK to app developers and mobile experts two years ago. Since then, we’ve continued to evolve our mobile protection to ensure all of our clients can seize the opportunities during the holidays and beyond.
How has your business adapted for mobile opportunities? Next week we open up the third annual Mobile Fraud Survey and would love to hear from you. Every participant gets early access to the results before the general public, in a free comprehensive report as our thanks for your feedback.
Be sure to visit our site early next week to learn more.