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Tips for Reducing mCommerce Fraud

August 21, 2015

With an increase in mobile payments comes a rise in fraudulent transactions and an imminent need for increased security measures. Being the newest form of transaction, there aren’t as many data points for fraud algorithms, so detection is at a minimum. Many merchants have a false sense of belief that mobile transactions are more secure.

It’s simply a catch 22—merchants accepting payments through multiple channels require more solutions for fraud prevention, but because mobile payments and non-bank payments such as Apple Pay are in its early stages, extra security protocols have yet to be fully realized.

So, what’s a merchant or consumer to do?

Here are some tips to consider to begin mitigating mobile fraud occurrences:

Reset Account Passwords

Reset passwords frequently to keep hackers at bay, and avoid recovery questions that could easily be determined, like “What is your mother’s maiden name?”

PIN Transactions

A PIN number or code texted to your cell phone allows for a secondary channel where users must retrieve the code and enter it before completing transactions.

Phone Number Verification

Phone number verification accompanying passwords allows for global accessibility, as well as an inexpensive and more secure means for merchants to add an extra layer of protection.

Device Fingerprinting

Rarely utilized and more costly, yet a highly effective solution, device fingerprinting is a solid means of authentication for mobile devices that helps keep the right payments in the right hands.

Track Mobile Fraud

Knowing where vulnerabilities exist can arm merchants with more urgency to seek solutions. Using device identification or geo location can help identify fraud occurrences through the mobile channel.

International Threats

Merchants who do business internationally have additional challenges when it comes to mobile fraud and should take further actions to protect their business from attacks.

 

 

 

 

 




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