Mobile Fraud is on the Rise. Are You Actually Surprised?

Each day we are bombarded with headlines about successful attacks against mobile payments and the massive rise in mobile payments fraud in general. Yet none of this should be a surprise, and the reasons are simple.

First, we need to understand that the reason we read so much about the losses in the press is that negativity is often the only thing that makes the news. When was the last time you saw the headline; “Mobile Applications Work, Hackers Thwarted!”

The fact remains that for every transaction lost, thousands or even millions of transactions work just fine. However, this sells neither newspapers nor security products.

That said, mobile applications are notoriously insecure. Some of the weaknesses are entirely avoidable and others will be resolved only with a significant shift in both payment methods and the capability of authentication and identity mechanisms.

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Merchant Payment Ecosystem (Berlin) – Will Merchants Finally Be Asking the Right Questions?

If someone had asked you 10 years ago; “What functions do you need on your mobile phone?”, do you think you would have come up with even 10% of what’s available now? So what about brand new merchants looking for a payment service provider? Do you suppose merchants know what to ask for?

At MPE Berlin this week, all the usual suspects will be under one roof; card brands, terminal manufacturers, issuers, acquirers, and all the big names in retail. On top of this there are also going to be companies looking to change the payments world.

Unfortunately, few of these vendors will be able to answer the question on every merchant’s mind; What’s next?

The two vendor camps; those who are already established, and those trying to break in, are diametrically opposed. The established camp wants things to stay the same (or to change very slowly) and the new guys want to change everything, yet both sides seem to have forgotten what’s most important.

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FinovateEurope – what will the 2015 payment ecosystem bring?

Once again, FinovateEurope descended on London this week – a two day event featuring Fintech’ players, from around the world showcasing their technologies and innovations. Over the years presenters have run the length of the financial technology industry and have covered; debit rewards, alternative payments, person-to-person (P2P) lending, new marketing tools, security solutions, big data, mobile apps, social investing, personal financial management, youth banking, credit, and next-generation online banking platforms[1].

So what will the 2015 payment ecosystem bring? At MYPINPAD we predict Identity Management and authentication will move further into the spotlight; because without significant advances to Identity Management, the necessary changes to the payment ecosystem come with significant challenges.

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MYPINPAD – An Introduction

Our company blog launches today, here we will be expressing our news and also views on industry events and issues. 

The MYPINPAD team have a busy year planned for 2015, including attendance at global events and awards, so follow our news here and on Twitter @myPinPad

We were founded in 2012 by an alliance of payments industry leaders. MYPINPAD was created to become the world’s first consumer authentication company to solve multi-channel security with PIN.

The MYPINPAD solution is a transformational self-hosted based platform, which delivers secure PIN authentication on unsecured electronic devices such as mobile phones, tablets and personal computers. The solution optimises security around the payment process, reducing risk and fraud. Crucially in the digital world of today where people are inundated with new technologies, MYPINPAD provides consumers with a familiar and simple authentication process.

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