Mobile Fraud Expected to Explode by 2017

By Karen A. Frenkel  |  Posted 02-24-2015 Email

Over the next few years, e-commerce conducted on mobile devices and apps is expected to surpass purchases through browsers on personal computers, rendering companies that have not secured their mobile transactions vulnerable to rampant fraud. This is according to a new study by J. Gold Associates, a market research firm that surveyed 250 organizations for its study, "Mobile E-Commerce: Friend or Foe?" Respondents were employed by organizations with annual revenues of at least $2.5 billion, and they responded to a Web-based questionnaire. "Expected growth in mobile app revenues reflects both the market reality of more mobile users, as well as the realization that to remain competitive, companies must offer mobile apps on smartphones and tablets despite the significant security risk and potential fraud," the study said. Statistics indicate "a staggering level of fraud induced losses," and indicates that current systems and processes are not adequately addressing the problem.

Karen A. Frenkel writes about technology and innovation and lives in New York City.


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