According to a source, an estimated figure of 15 billion pounds will be spent by Britons on their mobile devices in this year alone. This big figures, of course, will attract the attention of fraudsters who are waiting for a chance to attack. And with the rise of the Chip and PIN, alongside the more intricate security systems of physical retailers, these fraudsters are also beginning to evolve their modus, shifting their focus on mobile commerce.
Mobile Related Fraud, What Are The Threats?
Just like what happens in desktops and laptops where malwares and virus attacks are a thing, mobile devices can face the same threats. On a related note, since many transaction are done over wireless connections via a network, these networks are likewise targets of fraudsters.
According to an estimate, there are about 16 million devices worldwide infected by malware, and this malware is getting more sophisticated with stronger commands and control systems. And as what most people may suspect, majority of these infections take place on Windows and Android. iOS' walled system approach may actually pay off as it is the least attacked OS when it comes to malware infections.
How To Avoid Mobile Transaction Frauds
Disadvantages of using browsers
Using mobile browsers in pursuing a transaction opens you up to a bigger chance of experiencing mobile frauds, because it is practically the same as using your desktop that is prone to malware infections. In using a mobile device in your transaction, it is better to use the app versions of your desired retailers as it is often more secured than browsers. However, do keep in mind that the app developer or selling company should be a trusted one, as sending credit card info to an unfamiliar company risks you of fraudulent transactions, whether done within browsers or apps.
Passwords
Your password is a very important factor when it comes to your mobile transaction, which is why, having a secured one is very crucial. When talking about password security, it's not only about getting an unpredictable one, because that only saves you from fraudsters who have at least 'second level knowledge' of you. One of the most efficient way to secure your passwords is changing them often. That way, fraudsters who take multiple steps in acquiring your password have a higher chance of getting an outdated one.
Use of authentication and verification systems
Multi level authentication and verification systems should be used in every one of your mobile transactions. The more steps, the better. May it be SMS code verification, phone calls, etc. - each of these will help identify your identity, hence increasing the difficulty level for the fraudsters. Ask your credit card company about this.
