Resolving the Mobile App Payment Scams | APAC CIO Outlook
APAC CIO Outlook article helps how we can solve the mobile app payment scams that is happening all over the world.
Consumers of today are now comfortable in online transactions for shopping than visiting a store. thanks to easy payment processing and attractive offers, most e-commerce websites and other payment methods have now shifted to online payment. But on the opposite hand, hackers take this chance to steal money from the buyer by hacking sites.
The payment industry has been stormed by mobile wallets, peer-to-peer payment apps, and social media payments. Banks can transcend regular transactions by building on the trust relationship while it already enjoys with its customers on the idea of strong security. Integrating customer loyalty programs, enabling them to securely authorize sensitive payments, and sending secure notifications with strategic advice are often at the guts of the financial lives of consumers .
The annual Mobile Payments & Fraud Survey (MPFS) reported that famous payment processing companies like Apple Pay lost their users from 48 to 35 percent, and Google Pay lost its consumers from 38 to 25 percent, making it the foremost decreased wallet compared to other mobile wallets. Low-security measures and susceptibility to fraud are the most reasons why customers have lost their confidence in these applications.
Mobile app protecting technologies secures a mobile app to spot and protect users’ device against the common tactics and techniques that attackers are using today. The app shielding companies got to take faster actions to guard the appliance , device and consumer data regardless of the safety status of the customers’ device.
Certification of the Payment Card Industry Data Security Standards (PCI DSS) is important for all merchants or businesses that accept credit or debit cards online or offline mode. Advanced EMV technology is employed to validate the genuineness of a payment card and facilitate the approval of the transactions.
By aligning fraud protection and proven fraud , financial organizations are able to do a transparent and safe digital payment environment. Digital payment initiatives also got to make sure that consumers explore new offers along side their regular financial interactions.
Regardless of what payment function customers want to use, the payment information must be tokenized and encrypted in order that future charges are often re-engaged. this may be useful and desirable for recurring payments, as previous payment information is secure and simply accessible.
