As the mobile commerce channel continues to surge, a new study finds that merchants are not keeping pace with growth when it comes to fraud and mobile payment adoption. Conducted for the third consecutive year by Kount, Inc., CardNotPresent.com and The Fraud Practice, LLC, the 2015 Mobile Payments & Fraud Survey analyzes fraud and the mobile channel, uncovering trends in payments, new technology adoption, and fraud prevention strategies. Conducted from November 2014 to January 2015, the Mobile Payments and Fraud Survey had 2,000 survey respondents among different industries that are active in payments, risk management and the mobile channel, including merchants, service providers, card issuers, acquirers, and card associations.
The survey found that merchant awareness is not keeping pace with mobile fraud growth, and the support for the mobile channel is not meeting predictions and expectations as reported by respondents in previous years’ surveys. In addition, concerns over the implementation around new payment methods such as Apple Pay have risen. What’s more, while new tools are available to merchants to meet increased fraud, there is very little consistency in adoption of these tools across industries.