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Security concerns over mobile payments

A recent survey of UK anti-fraud management specialists found that 60% of respondents thought that mobile payment options will pose the greatest potential fraud risk in the future.

GENERAL MERCHANDISE

Security concerns over mobile payments

A recent survey of UK anti-fraud management specialists found that 60% of respondents thought that mobile payment options will pose the greatest potential fraud risk in the future.

The respondents were particularly worried by the new and fast growing contactless payment method that many retailers are introducing instore.

The survey, conducted by UKFraud.co.uk and Fraudconference.co.uk, found that most respondents felt that anti-fraud systems and processes had struggled to keep pace with the speed of technological development for mobile payment. Concerns were expressed over the general lack of agreement on who is responsible for combating mobile payment fraud with 15 organisations identified as potential stakeholders in combating the issue. Many thought that the banks would take responsibility but most agreed that management needed to be more proactive in combating the risks of mobile fraud.

Bill Trueman CEO of UKFraud.co.uk said “There is a natural tendency for those in fraud management to constantly fight complacency which helps explain why, at a time of falling fraud levels, these concerns are now being highlighted so vehemently. Most of those who completed the survey, felt that as the pace of change of the mobile payments arena is so great, that the exposures and security gaps are like red rags to the professional fraudster – particularly given how fast NFC payment is growing. Vigilance therefore is a pre-requisite.”


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