Merchants are becoming more confident about the value and security offered by mobile payment solutions, according to a new report by Kount. The Mobile Payments & Fraud Survey 2017 is based on surveys of 800 merchants.
But while there have been significant advancement in the availability of mobile wallet options, slow but advancing adoption, and a rise in confidence related to mobile payments, merchants have been slow to adopt mobile wallet technology and as a group are rather complacent in terms of security related to mobile payments, Kount adds.
Among the top tools to fight mobile fraud, according to Kount, are the following methods and solutions: complete fraud platform, device ID, secure mobile payment methods, biometrics, 3D Secure, and artificial intelligence/machine learning.
“Merchants have made consistent progress with each passing year when it comes to fraud and mobile payments, but we’re still a long way away from the level of protection needed across the industry,” Kount opined in a June 29 blog. “With card not present fraud on the upswing and the majority of merchants reporting no changes to their fraud prevention practices after a breach, the industry at large is leaving itself open for recurring (and oftentimes preventable) fraud attacks.”