Does fraud make you worry about how your business handles mobile payments? It probably should. Especially according to the insightful article written by Benton Alexander Smith for IdahoBusinessReview.com.
The article provides several enlightening quotations and facts from Kount — a leading provider in anti-fraud technology — including material from their 2017 Mobile Payments and Fraud report. This report surveyed 800 merchants around the globe, taking the pulse of how contemporary businesses are handling digital sales.
Smith relates that this year's report continues to reveal the trend of merchants' increasing acceptance for payment options linked to mobile devices. Unfortunately, this development is matched by another trend: the increase of fraud perpetrated using mobile devices.
This isn't to say that mobile payments are inherently bad. As Smith shares from an interview with Don Bush of Kount, the perception of a technology's risk is one thing, but the actual risk hinges on the security tools that a company has in place. In addition, Smith notes how Greg Andrews of Entertainment Benefits Group identifies consumers' clear demands for the convenience of mobile payments.
As any smart business person knows, refusing to address your customers' interests is a sure way to reduce company growth. So mobile payments are here to stay. The question comes down to how well you secure your payment processes.
The Kount 2017 report offers help for this question. It provides industry standards of fraud prevention with mobile payments, enabling you to evaluate how well you are doing. Is your security over-the-top, costing you valid sales? Is it too lax, open to fraudulent activities? This information, along with more data about market segments, browser- and app-based transactions, and important trends, is available in Kount's report for free download after registration.
As Smith concludes, education and awareness of the salient details are vital for effective security.