Merchants have progressed with mobile security, but almost 70% of those surveyed have not made changes to their fraud prevention following a breach, even though many fear consumer perception.
Boise, Idaho-based fraud-detection firm Kount's 2017 Mobile Payments & Fraud Survey, conducted in association with CardNotPresent.com, Braintree, a PayPal company, and The Fraud Practice, measured the state of mobile payments and mobile channel fraud. The fifth annual report surveyed more than 800 merchants from 29 vertical industries and ranging from under $5 million to more than $500 million in revenue from April 2017 to June 2017.
Among the findings: only a small fraction of merchants (8%) believe mobile channels are far riskier than traditional e-commerce, down from 14% last year. Merchants also remain fairly trusting of mobile wallets, with more believing that fraud will decrease rather than increase as consumers adopt mobile wallets more widely (37% vs. 29%, respectively).
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
