Is fraud getting worse in your mobile channel? Perhaps the only answer worse than “Yes” to that question is “I don’t know.” Why?Read More
Reading the headlines today, you could get whiplash from the contrasting way in which the mobile revolution is being portrayed. For the "Root of All Evil" angle, consider these stories:
- A woman used her debit card to pay for a slot machine game app on her mobile phone and hours later discovered hundreds of illegitimate purchases totaling more than $5,000
- T-Mobile’s CEO revealed a breach affecting 15 million mobile users: "Records include information such as name, address and birthdate as well as encrypted fields with Social Security number and ID number (such as driver’s license or passport number) and […] this encryption may have been compromised."
- CBS News reported that a little-known global network called Signaling System Seven (SS7) is used by every mobile phone and has a security flaw that is an open secret among the world's intelligence agencies...and hackers. This security flaw can be used to intercept and record anyone’s calls, texts, or movements.
Imagine you’re at the corner of a busy intersection, wanting to cross the street. You press the button that activates the pedestrian crossing signal and watch the traffic zip by as you wait for the light to change. The traffic slows and then comes to a stop. The orange DON’T WALK signal on the other side of the street changes to a white WALK symbol. You do a quick look in both directions to make sure it’s safe, then step off the curb and into the crosswalk. When you’re about 10 feet from the other side, the white WALK signal changes to a flashing orange DON’T WALK, counting down 5-4-3-2-1. You step up onto the sidewalk and continue on. Simple and uneventful, right?
Now imagine trying to cross that same intersection blindfolded and with your ears plugged! You cannot see or hear the cars, the traffic lights, the crosswalk, or the pedestrian signals. You have no indicators if the signal says WALK or DON’T WALK, if traffic is stopped, if you’re in the crosswalk, or if you’re about to get hit by a bus! How comfortable do you feel stepping off the curb?Read More
Fraud does not discriminate. Even billionaire presidential candidate, Donald Trump (see what we did there?) can’t avoid falling victim to fraud; Trump Hotels experienced a significant data breach within their credit card systems just last year.
Democrat or Republican, fraud affects everyone and everything, because the cyber criminals behind the scenes couldn’t care less who you are or how you vote. From Fortune 500 companies and mom-and-pop shops affected by fraudulent transactions and data breaches, to children whose identities have already been stolen, or the millions of Americans whose lives have been devastated from the recent IRS breach, no one is safe. Why? In the immortal words of legendary bank robber Willie Sutton, “that’s where the money is.”Read More
There’s an old joke in advertising: “I know half my advertising budget is wasted. I only wish I knew which half.” Unfortunately, too many eCommerce merchants could make a similar (bad) joke about their fraud prevention systems. This is especially true when it comes to mobile commerce – the fastest growing channel in eCommerce today.Read More