Solving The Mobile Payments Security Problem

Boston, MA – November 13, 2013 – Speed has emerged as a top concern in the age of mobile buying, and for clear reasons: Consumers now expect the ability to transact on demand, and merchants in turn must continually strive to offer better services faster than the competition.

PYMNTS.com’s newest Report Store report, Transacting in the Digital Age: Diversity in Need of a Secure, Common Protocol, examines the strain this acceleration is putting on legacy players such as card networks, banks, vendors, acquirers, processors and more, who now must ensure their mobile and online channels can provide speed, security, and convenience to meet consumer and merchant demands.

“As these various issues swirl around them, legacy players are continually working to ensure their systems function efficiently and effectively, and with a high degree of security,” writes report author and PYMNTS.com senior analyst Jeff Green. “That’s not always easy, given the growing number of players that may facilitate payments differently at the point of sale or online but who use the legacy rails to handle transaction routing and settlement.”

In this report, we examine the changing payments landscape, factors impeding online and mobile growth, and the proposed digital-payment standard from American Express, MasterCard, and Visa to provide recommendations on how to these players should respond.

Highlights of this report include:

  • A breakdown of U.S. card fraud by type 
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  • A list of consumers’ top mobile security concerns 
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  • An analysis of fraud during the U.K.’s EMV migration 
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  • Key fraud statistics from 2011 through 2012 
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  • The principles driving token standard development, and the elements that will shape it 
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  • Three recommendations for how the market should respond to this industry change. 
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Companies mentioned in this report include: American Express, Dwolla, Google Wallet, PayPal, LevelUp, MasterCard, Visa and Isis.

The report is 15 pages long and contains 6 charts. Click here to purchase a complete copy.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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