The answer to this question is an unfortunate: not any time soon. Retailers are still trying to sort through and deal with all of the recent security breaches that have popped up. Now, they have another security issue with which to deal — mobile fraud.
And most security breaches, wherever they are, have been under-reported. So who knows how bad the situation really is? What we do know is that hackers like to attack big targets (think retail chains) that deal with numerous transactions and data exchanges.
Multichannel Merchant recently noted that:
“As retailers increasingly look to mobile as a way to generate revenue, fraud threats are impacting merchants to the tune of $283 for every $100 of actual fraud losses through mobile devices, according to the LexisNexis True Cost of Fraud Mobile Study, conducted by LexisNexis and Javelin Strategy & Research. The findings in the study show mobile penetration in the retail merchant channel is rapidly growing. Nearly one in 10 merchants accepted mobile payments in 2013 – an increase of 50% per year since 2011. 25% expect to begin accepting mobile payments in 2014.”
Click the image to read more. And click the link above to access the true cost of fraud report.