Merchants have doubled the amount of revenue coming from mobile devices since last year, according to a new report on mobile payments and fraud from CardNotPresent.com, Kount and The Fraud Practice. With nearly 2,000 respondents (more than 1,000 of them merchants), the Mobile Payments & Fraud Survey: 2014 Report is the largest ever to focus on fraud in the mobile channel, the companies said.
The importance of mobile to revenue growth is clearly illustrated in this year’s study—the second annual version of the report. Overall, merchants said mobile was responsible for 20 percent of their business, a 100 percent increase from last year’s survey. Thirty percent more merchants supported mobile commerce in 2013 than the year before, the study found. At the same time, merchants clearly are more wary of mobile payments. More than 30 percent of merchants polled said mobile is riskier than standard e-commerce (25 percent more than last year).
“After establishing the benchmark last year, the 2014 Mobile Payment & Fraud Survey shows continued development in mobile commerce and risk management initiatives as well as changes in expectations and priorities for the mobile channel,” said David Montague, president and executive consultant of The Fraud Practice LLC. “Not only are organizations now more likely to find that the fraud risk associated with the mobile channel is higher than with standard web e-commerce, but organizations are also more likely to believe the mobile channel requires additional tools for managing risk.”
CardNotPresent.com, Kount and The Fraud Practice are offering a sneak peak at what the results mean in a free Webinar today at 2 p.m. ET. Sign up for the Webinar here. A more comprehensive look at the results will comprise a keynote address at the CNP Expo in Orlando, Fla. at the end of May. Find out more about the CNP Expo and register here. A free copy of the report is available on the Kount Website.
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