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Home IAMblog Security Vulnerabilities Key Findings on Mobile Fraud

Key Findings on Mobile Fraud

RSA and TeleSign have released a report with key findings on the state of mobile fraud in ecommerce. "An uptick in online fraud resulting from today's environment of large-scale data breaches and security incidents is something TeleSign is seeing first-hand," said Steve Jillings, CEO of TeleSign. "Illicit activities including spamming, phishing attempts, affiliate fraud and e-commerce fraud all have a common primary motivation: money."

Below are some key findings from the report, with more details here:

  • Average revenue loss due to mobile fraud: $92.3M per year (among 250 organizations with average revenue of $2.54 billion).
  • Mobile growth trend: More than 50 percent of respondents believe that mobile revenues will grow 11-50 percent over the next three years, and 30 percent believe it will grow 51-100 percent.
  • Rising fraud trend: The growth of mobile interactions is expected to increase the percentage of mobile incidents significantly, with 19 percent of companies already indicating that 25-49 percent of their fraud incidents are due to mobile. These rates are expected to grow, and in some cases at least double over the next 2-3 years as mobile revenue contributions increase, unless significant remedial actions are implemented quickly.
  • Current lack of adequate security: One in four businesses currently don't require login identification for mobile users.
  • Addressing the problem: In the next 2-3 years, next generation authentication technologies like biometrics, soft tokens and other two factor authentication will largely replace the user name and password as the primary method of authentication.