08/03/2018 | News release | Distributed by Public on 08/03/2018 02:29
'As more and more commerce has shifted to mobile and mobile payment options have proliferated, fraudsters and other cybercriminals are also turning their attention to mobile.' (Forrester)
In today's digital world, commerce transactions - whether in-store or online - are often executed on the consumer's mobile phone. Consider this:
As consumers make their digital transactions they are also sending out to the cybersphere volumes of sensitive, personal data. In fact, almost everything we can know about them is out there - their name, age, address, credit card numbers, bank balance, and so much more. And, all of this data is a prime target for fraud. In fact, mobile transactions are noted to be twice more likely to be fraudulent, with online and mobile fraud projected to reach $31 billion by 2020.
Never has the need to prevent mobile payment fraud been greater.
Whether the organization is in financial services, retail, or communications and media services - the need to protect and prevent is equally great.
However, with mostly static processes and legacy systems handling security, organizations are finding it difficult to protect customers, and themselves.
The damages, however, are too great, and deploying a preventative and mitigating solution is not a luxury. It is mandatory. But, even when a solution is deployed, the organization is often faced with having to make the choice between robust security or a frictionless user experience. There is almost always some trade off. One broad based survey emphasizes, pointing out that 60% of merchants reported maintaining ease of use as the biggest challenge to the mobile channel.
Far too often, the means for ensuring payment security is accompanied by a series of authentication/verification steps that cause the user journey to stagger and falter. The result is a poor customer experience, reduced loyalty, and sometimes even churn:
The alternative, though, is non-starter as well. That is, compromised security along with the risk of non-compliance and grave financial loss.
So, what can organizations do to mitigate risk, and protect user data as well as the user experience?
The 5 Key Capabilities for Robust Mobile Fraud Prevention
A thorough and effective approach to preventing mobile fraud should incorporate the following:
Solution Leaders That Are Making a Difference
Because many legacy anti-fraud solutions are ill-equipped to prevent the real-time mobile payment fraud, since they execute only retrospectively, leading organizations are now considering machine learning for identifying anomalous consumer behaviors.
In addition to applying machine learning and the latest technologies, it is critical to be uncompromising and ensure that each of the above five critical capabilities are incorporated into the solution.
One of Amdocs' key strategic partners, Paygilant delivers on each of these capabilities with its on-device omobile detection and prevention solution that utilizes artificial intelligence and machine learning for robust mobile payment fraud prevention. The solution runs on-premise or in-the-cloud, making in-store and online transaction easy and secure while reducing customer friction. The result is reduced fraud and increased customer loyalty.
To learn more about how Amdocs can help you too prevent and detect mobile payment fraud, we invite to reach out and schedule a quick chat with us.