Ravelin has revealed that 48% or merchants are not tracking consumer purchases on mobile apps for fraud, despite COVID-19 driving a huge increase in mobile app purchases.
According to the press release, COVID-19 drove a 36% increase in mobile app downloads and a 54% increase in purchases in apps during the second quarter of 2020 alone from consumers, and yet the proportion of merchants tracking mobile orders (48%) lags far behind those tracking website orders (68%) and call centre orders (60%).
Besides, organisations that rely on mobile for their primary revenue drivers, like taxi firms and online product or service delivery firms tend to fare better – but only slightly. The rate of mobile fraud tracking stands at 61% for taxi firms and 62% for product or service delivery organisations.
Furthermore, Ravelin’s Online Merchant Perspectives, Fraud & Payments Survey 2020 report revealed that account takeover fraud is also on the rise. In Ravelin’s research, half of merchants report a rise in account takeover, with nearly a third of retail merchants saying it’s now the top fraud threat facing their business.
Overall, in terms of current levels of fraud tracking across channels, a varying proportion of merchants are measuring a varying number of payment data points. Therefore, 67% are tracking the payment method type and 56% are tracking the issuer country, while 42% are tracking the use of loyalty scheme points and 31% are tracking BIN ranges.
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