Mobile Surge Today, Fraud Tomorrow
There have been a number of recent media reports emphasizing the ongoing surge in mobile payments, a topic we covered via infographic a few months ago. Mobile devices continue to play an increasingly important role in e-commerce, highlighted by the recent report from the IBM Retail Online Index. Key highlights include a number of trends emerging from last quarter alone, most notably:
- Average Order Value: The average value for each order in Q2 grew by 2.3 percent.
- Items Per Order: The average number of items per order increased by 2.6 percent.
- Mobile Sales: Sales from mobile devices reached 15.1 percent, up from the 13.3 percent in Q1 2012.
- Mobile Devices: While Apple’s iPhone continued to rank one for mobile device retail traffic at 8.2 percent, Android surpassed the iPad which finished at 6.8 percent and 6.7 percent respectively.
Mashable also posted a recent article and infographic detailing more specific data about the mobile shopper, showing how even the demographic information is growing for this audience.
While it’s no secret that mobile commerce is growing dramatically, what remains a subtext of this growth is that wherever there is a business trend, fraud will follow. Again, our infographic shows that each device has its own distinct patterns that every business should be aware of and adapt to if they’re doing business online.
Having a fraud solution in place is really just the first step, being able to act on the information your solution should provide will transform your business. Knowing that an iPad has the highest transaction total and the lowest fraud rate is good information. Realizing that a Nokia phone is leading all fraudulent transactions is critical information that you can act on to protect your business.
At Kount we’ve processed millions of transactions and use this combined data to help every business we work with stay protected. With a rapidly changing e-commerce landscape, you need an integrated fraud solution like Kount Complete that can grow and adapt with your business and the latest trends.