Mobile payment fraud on the rise in China, UnionPay survey reveals

Monday 22 January 2018 00:40 CET | News

A China UnionPay survey has revealed that the convenience of the mobile payments in China has raised growing security concerns.

Despite the fact that mobile payments in China have increasingly made cash obsolete, the survey of 105,000 people found that 60% had been exposed to some kind of mobile-payment security threat, including information leaks, fraud or malicious attacks.

QR codes have become the most popular payment technology in China, but fraud via this method is on the rise, the report revealed. Nearly 30% of users reporting mobile-payment fraud said QR codes were involved, up from 15% 2017.

Older users were more vulnerable to fraud, the report found, with 59% of respondents above the age of 50 saying they had been cheated at least once. Women reported experiencing mobile-payment fraud 10% more often than men, but men reported a higher average financial loss.

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Keywords: UnionPay, mobile payments, payment fraud, China, study, QR codes, online security, fraud prevention
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions


Securing Transactions