Mobile shopping and fraud to spike for the holiday season

Tuesday 25 November 2014 13:39 CET | News

An increase in mobile shopping is expected during the holiday season, which poses a huge opportunity for fraudsters, a recent report reveals.

According to a recent study conducted by ThreatMetrix, mobile users are more likely to store credit card data with retailers, a prime target for account takeover attacks. Also, retailers are more likely to reduce risk thresholds for mobile devices to avoid false positives.

In the wake of the countless number of data breaches over 2014, hundreds of millions of user accounts have been compromised, from 40 million in the Target breach, to 60 million in the Home Depot breach to 1.2 billion stolen by a Russian cybercrime ring.

Retailers must ensure they have a system in place to differentiate between trusted customers and fraudsters in real time by identifying suspicious login patterns, risky or compromised devices or devices disguising their geo-location. 

However, the study also shows that many consumers use the same login credentials across multiple websites, which means that when those credentials fall into the hands of cybercriminals through data breaches or malware, all of their accounts and likely all of their credit cards will be compromised.

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Keywords: mobile shopping, online fraud, web fraud, ecommerce, m-commerce, online security, ThreatMetrix
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime