Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Fraud “Waiting to Happen” with Mobile Payments, Says Report
As the use of mobile payments grows globally, so too does the risk of mobile payments fraud. Gartner, and other eminent research companies, predict that these services will be extremely attractive to fraudsters and those seeking vehicles for money laundering. According to Gartner, mobile payment services are expected to reach US$245 billion in value worldwide by 2014.
According to Neural Technologies, an appreciation of the fraud and risk threats posed by mobile payments can be achieved through understanding the various mobile payment products and services on offer, as well as the different technologies used to deliver them. [Read more…]