Security is attracting more attention from merchants engaging mobile consumers
Merchants are beginning to become more aware of the dangers that exist in the mobile and digital spaces, according to the results of the 2nd Annual Mobile Payments and Fraud Survey conducted by Kount, The Fraud Practice, and CardNotPresent.com. These dangers have existed for some time, but merchants have been blind to them as they rushed to enter into the mobile commerce space. While mobile commerce has become quite popular, it has also become quite a risky thing to participate in because of the lack of security that exists on many popular platforms.
Survey shows that many merchants are participating in mobile commerce, but few have adequate security in place
According to the survey, 66% of merchants around the world now support mobile commerce. Mobile commerce support among merchants is expected to rise by 30% annually over the next few years. Merchants are becoming more comfortable with the mobile space as they begin to expose themselves to consumers that primarily shop and purchase products from smartphones and tablets. These merchants are working to become more accommodating to these consumers in the hopes of remaining relevant with changing consumer behaviors.
Mobile commerce continues to be a risky field
The survey shows that nearly a third of merchants consider the mobile space to be more risky than e-commerce. Mobile commerce has become a popular target for hackers because of the trafficking of financial information. This information can be somewhat easily accessed by hackers because of the lackluster security that exists with most mobile commerce platforms. While this has become a major concern for merchants, it has also caused many consumers to avoid mobile shopping.
As security improves, consumers are likely to become more active in mobile commerce
As merchants become more conscious of the risks that exist in the mobile space, they are beginning to take security more seriously. This means introducing new features to popular mobile commerce platforms that merchants have designed themselves. More security is expected to increase consumer spending in the mobile field because they will feel more confident in the safety of their financial information.