Type of device used for transaction becoming key indicator of fraudulent behavior, study finds
Knowing the specific mobile device used by a customer sheds additional light on the risk of fraud during a transaction. This is one of several findings detailed within the just-released Kount Fraud Insight: Mobile Transactions and Fraud report. Kount, a leading provider of fraud prevention technology, is launching a regular series of fraud insights to provide greater understanding of the global fraud landscape, the latest trends and steps companies should take now to protect their bottom line.
“Assessing the risk of a specific device is one of many components to consider as part of a company’s overall risk assessment to optimize its fraud management system and improve the bottom line,” noted Steve Rouse, chief operating officer, Kount. “One interesting trend detailed in the infographic illustrates the approval rate of iPads isamong the worst while the fraud rate is fairly minimal and the average transactions per the devices listed are easily the highest. When you combine a fully integrated system like Kount Complete™ with our expert resources, you can refine your fraud system to minimize these inconsistencies so you can sell more to more people in more places with less risk.”
Kount is able to deliver insights on current fraudulent behavior and evolving trends based on the hundreds of millions of transactions it has reviewed with its technology. As mobile payments continue to grow at a substantial pace and evolve to an industry standard, mobile device behaviorwill provide card-not-present companies with insights that can be leveragedinto a significant competitive advantage.