October 16, 2018
October 9, 2018
ThreatMetrix has been planning how to make the shopping season safer. Our world is increasingly digital and you may have procrastinated data security. That may not be a very good decision. More fraud will be initiated online and specifically via mobile devices than ever before.
In 2014, nearly half of all online traffic was driven by smartphones according to the National Retail Foundation. Holiday shopping procrastinators are increasingly interested in getting a jump on their holiday shopping. About a third of consumers actually start their shopping in October or earlier. These customers have money to spend. All signs point to an even more prosperous holiday this year.
Mobile device cross-border sales will drive a large chunk of that holiday spending this year. Cybercriminals are getting smarter and more sophisticated by the year. There are more opportunities for fraud to happen.
It is essential to make the consumer experience safer and stop fraud in its tracks. We can see that this year, the mobile transactions are going to exceed the desktop transactions. Perhaps not from a purely monetary value, but from the sheer number of individual transactions processed.
Certainly as the mobile experience created by retailers becomes easier and more attractive, it increases the fraud potential from mobile devices. You also have consumers moving to the latest mobile devices which promote easier transactions and can increase the conversion rate, however there is also potentially more risk in the mobile channel for fraud.
We’re now seeing an average of 20 million new mobile devices within our network every month. The growth is quite staggering. We are seeing a pretty even 50/50 split between those devices either using traditional mobile web or communicating via various apps that are offered now by retailers. In fact, if we look back over time this year, there is a steady increase in the usage of the native app vs mobile web. We predict that by the end of the year app traffic will have surpassed web.