2.2 billion new mobile devices – a growth opportunity but a threat fore-commerce fraud

Increased functionality and affordability of mobile devices has expanded the reach and use of these channels as a purchasing tool for consumers. In fact, the likelihood is that 2014 will be a tipping point, given the exponential explosion in demand for mobile, hand-held devices and high-end smartphones.

The drive from consumers for faster, easier, ‘friction-free’ online access has made the route to purchase even more convenient. However, behind the scenes we are also facing a sophisticated, interconnected and growing e-commerce fraud challenge…

But, do you really know who is actually logging into your customers’ accounts?

Often without realising it, consumers can fall prey to phishing attacks and unwittingly disclose the virtual keys to their online accounts. No one wants to turn away legitimate transactions, especially from loyal customers – but with revenue, reputation and brand at stake, no one can afford to ignore the potential risk.

Knowing and spotting your enemy early offers a huge advantage. As attackers grow increasingly sophisticated, identifying fraudulent online transactions is growing more complex. Clear visibility into fraudulent attacks is difficult with the anonymity of the web, but transactions underpinned by reliable device intelligence helps provide greater protection for your customers and your brand.

Snapshot of fraud in today’s connected world*:

5 billion connected devices.
2.5 billion new devices.
Of this, 2.2 billion will be smartphones and tablets.
1 billion online bank accounts.
All contributing to $13 trillion in global ecommerce sales and related transactions.
But with so much at stake, it provides huge opportunities for fraudsters.
As a result, there are now an estimated 25 million unique strains of malware.
An 80% annual increase in phishing attacks.
600 million customer information records breached.
The theft, distribution and sale of personal information are underway on an industrial scale.
Therefore our starting point is to always assume customer data has been compromised – before any transaction takes place.

* Sources: Experian 41st Parameter Gartner, IDC and Bloomberg.

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