The Use of Identity Verification to Assist in Mobile Fraud Prevention

We are in the midst of a new and exciting mobile
. There are currently more than 6.8 billion mobile subscriptions
equivalent to 96% of the worlds population and 70% of those mobile phones are
considered smart devices.

Consumers are increasingly communicating and transacting
with businesses through mobile devices. Retailers
and Financial
are the main benefactors of these interactions. Whether
consumers are accessing mobile banking sites or purchasing merchandise,
consumers trust your site with their information.

A projected $235 million will be spent this year via mobile
transactions making mobile the next big frontier for cybercriminals to exploit.
These criminals and attacks are sophisticated and multifaceted. Identities and
credit card information are easily stolen and used to commit payment fraud. Mobile
devices make it easier to bypass legacy fraud detection systems. The slow
response in security measures from institutions is allowing criminals to commit
more and more fraud.

Trust must be established across multiple online channels
with which customers interact including mobile apps, mobile optimized websites
and browser-based access from laptops/desktops. To establish and maintain trust
with consumers you need to protect mobile
and transaction integrity. Your company can protect mobile payments
and improve mobile
fraud prevention
when you:

  • Ensure payments and transactions have not been
    tampered with.
  • Identify online identities to match real users.
  • Determine the authenticity of the device used
    for the transaction.

verification solutions
help to differentiate good customers from criminals.Monitor your systems for open wi-fi hotspots, identity
spoofing, credit theft, payment fraud and malicious activity.

[Contributed by EVS Marketing]

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