Android and IPhone are Attractive Fraud Targets in USD20bn Mobile Payments Market

Cautions Android and Iphone users

As the holiday shopping season is expected to boost the USD 20 billion mobile payments market, businesses and consumers in the US need to understand and address the security risks associated with mobile devices, a recent report has revealed.

According to the report, iPhone users spend 49 percent more on shopping through the mobile browser than through the mobile app. Likewise, Android users spent 38 percent more and users of other operating systems spent 107 percent more. Shopping through the mobile browser presents greater security risks for all smartphone owners. Adding to the risk, mobile browsers are more susceptible to threats like phishing, website spoofing and man-in-the-mobile attacks than the mobile app. And coupling that 2 out of every 3 mobile purchasers are also conducting mobile banking, the potential security risks are significant.

The report titled “2012 Mobile Security: Android and iPhone are Attractive Fraud Targets in $20B Mobile Payments Market” was issued by US-based research firm Javelin Strategy & Research.

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