Given the number of people making purchases and using banking services over their phones is growing, fraudsters are increasingly focusing their attention on mobile-related fraud. This article is about the growing problem of online transactions fraud. Also, it’ll help you find the right high risk merchant account to take your business to the next level with ease.
Risky Mobile Transactions & High Risk Merchant Account
According to iovation Inc., a TransUnion Co. company, risky payment processing via mobile devices has grown 138% since 2017. Let’s see what the 2019 Financial Services Fraud and Consumer Trust Report says. This report comes with an analysis of billions of transactions completed over the internet and also includes a poll of 1.604 consumers.
According to this report, consumers are fast migrating to mobile devices, and fraudsters are following the same trend. The use of mobile devices as a percentage of all transactions completed over the internet reached 61% in 2019 from 28% in 2014.
This year, 50% of suspected fraudulent transactions have been related to mobile devices. In 2018, that figure was 41%. Are you dealing with risky transactions? Do you need help with secure payment processing services?
Just turn to a respectable credit card processor that’s dedicated to offering merchant services with unmatched security. With a reputable payment processor, you can get the safest and cheapest high risk merchant account fast and hassle free.
Mobile Payment Processing Fraud Increased
For each dollar of fraud loss, companies in the financial services field now incur $3.25 in costs. This is an increase from $2.92 reported last year and accounts for 11.3% YoY (year-over-year) growth.
The percentage that lenders report makes up $3.44. The biggest costs of fraud were associated with banks and credit lenders. Both percentages have increased by double digits since 2018 – 17% and 16%, respectively.
To sum up, the use of mobile channels has tremendously grown since 2018. 73% of financial services and 71% of lenders are now providing customers with the mentioned option. Such increase is conditioned mainly by small financial services providers, as well as digital financial services companies and lenders now processing transactions via mobile channels.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country that provides the safest and cheapest high risk merchant account in the field. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.