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Mobile fraud: More than 50% of high risk transactions originating from mobile

Fraudsters targeting mobile channel - mobile fraudMobile fraud from mobile devices has rapidly evolved over the past several years. From this small, handheld device, your customers can request a ride, book a babysitter, conduct a video conference, apply for a loan or transfer money. In fact, over half (61%) of our protected transactions come from mobile devices so far this year, up from 56% in 2018 and 51% in 2017.

As consumers shift to conduct more business on their mobile devices, fraudsters have taken notice. Ever relentless in trying to make their tactics look legitimate, mobile fraud perpetrators are mimicking the growth of mobile transactions by using either mobile devices or emulators on their desktops so transactions appear to be coming from mobile devices.

In the first half of 2019, iovation saw 49% of risky transactions coming from mobile devices, up from 30% in 2018, 33% in 2017 and 25% in 2016. Throughout the globe and in every industry sector, iovation analysts are seeing an increase in mobile traffic correlated with an increase of risky transactions.

Criminals’ nimbleness and innovation dictate that FIs and merchants need to be equally adept in their defensive tactics in order to preserve both the bottom line and the customer experience.

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