Ian Leaf as well as merchants has come to the realization that there is a newer scam and a method of fraud that focuses on mobile transactions. Roughly 75% of businesses in America alone have said that as mobile payment technology continues to evolve and change, the risk of being scammed does too.
When people want something bad enough, they will always find a way. As new technology and ways of making transactions become more convenient for the consumer, so too does it become easier for the thief.
At first, marketers were only at risk of transaction fraud through online, which was easier to track, but since the release and the growth of smartphones, both mobile and online transaction fraud has become an issue for the businessman.
The merchants aren’t about to sit back and let this happen to their jobs, they have started fighting back. According to the merchants, the only way they have found to be successful is to keep mobile transactions apart from online transactions so they are easier to track. This method will also help to understand how much at risk the business is to to mobile payment fraud.