October 29, 2015 — Detecting and preventing mobile wallet fraud
A guest post by Ryan Wilk, Vice President of Customer Success at NuData Security discussing mobile insecurities and behavioral biometrics.
Forrester Research predicts that mobile payments will total $90 billion in the U.S. by 2017, a huge increase over the $12.8 billion consumers spent in 2012. This significant growth speaks to the increasing adoption of this payment method. There are two types to choose from. One type works through contactless technologies such as Near Field Communication (NFC) built into mobile phones. The payment goes through the merchant’s POS system and the relevant payment-processing environment, not relying on the mobile carrier’s network. The other type is an app (mobile wallet) that allows payment to be processed through the mobile carrier’s network, as is the case with banks. A mobile wallet has several key components, including the ability to provision account information, payment origination and payment processing.