E-commerce and payments fraud remains high on the agenda for consumer-facing organizations, according to a recent Deloitte online poll. Nearly half (47%) of executives and managers reported that fraud protection ranks as a “high priority” for their organization, and a further 8% cited this as their organization’s number one priority.
Despite fraud prevention ranking as a high priority, only 9% of respondents stated that their organization currently provides customers with free fraud prevention solutions. Likewise, budget increases for fraud solutions have been minimal over the past twelve months, with only 9% stating that their fraud protection and detection budget increased substantially. An additional 22% reported fraud budgets had increased marginally, while a similar number (21%) stated that budgets remained unchanged.
“Along with the positive impact of digital commerce comes the risk of fraud to businesses and customers,” explained David Williams, chief executive officer, Deloitte Financial Advisory Services LLP. “With monthly phishing attacks increasing 40 percent last year, education and fraud solutions for the end-customer are often a powerful way for organizations to police and control fraud.”
Mobile fraud not a priority, say organization
Only 9% of respondents cited mobile fraud as a top concern for their business, even with mobile e-commerce solutions on the rise. The greatest area of fraud concern is online (35%) followed by e-mail (21%) and non-digital fraud (13%).
“It’s surprising mobile isn’t more of a focus, given the rise of mobile banking and mobile apps introduced by retailers,” said Prakash Santhana, director, Deloitte Financial Advisory Services LLP. “Fraud risk and problems like malware will likely continue to rise as mobile commerce becomes more prevalent.”
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.