Mobile spending is growing
Customers, having experienced the convenience of the internet, are now shopping with zeal on their mobile devices. Mobile spending is growing and expected to reach $300 billion this year. Nearly 500 million consumers are using their mobile phones to make purchases. Whenever smartphone owners have free time they have the option to research and purchase.
In this environment retailers are expected not only to have online shops but also to develop responsive mobile sites or be left behind. And now with mobile wallets, brick-and-mortar stores are expected to accept contactless NFC payments from smartphones. Mobile commerce could be an effective and efficient win-win for customers and businesses, but this is not always the case due to fraud, which ultimately costs both payers and payees.
Our CEO, Matthew Katz recently wrote a new featured article “Fighting Mobile Fraud” on TMCNet’s Mobile Commerce Insider. In the article, he first presents an overview of the growth of mobile payments before stating that companies often choose to accept mobile payments in order to increase sales and leads. He then explains that companies often forget about fighting mobile channel risk. Following this, he addresses prevalent fraud problems with Verifi’s solutions. From these insights he explains the benefits of a layered approach to mobile payment protection.
Click here to see the article here.