Resolving the Mobile App Payment Scam APAC CIO Outlook Magazine is to help people to fight against scams. Today scam is on the increase in every site Scammers are always searching for opportunities to fool people. This article will help you more about scams. Read these articles to know more about these common Mobile payment scams and how to spot and avoid them.
Today, the customer is now suitable for online payment for shopping than going to a store. Due to easy payment processing and attractive offers, most e-commerce sites and other payment methods have now shifted to online transactions. But on the other hand, hackers take this opportunity to make money from the customers by hacking their sites.
The payment industry has been stormed by mobile wallets, peer-to-peer transaction apps, and social media transactions. Banks can go beyond regular transactions by building on the trust relationship while enjoying their customers based on vital security. Integrating consumers' loyalty programs, enabling them to authorize sensitive payments securely, and sending secure notifications with strategic advice can be at the heart of customers' financial lives.
The annual Mobile Payments & Fraud Survey (MPFS) reported that famous payment processing organization like Apple Pay lost their consumers from 48 to 35 percent. Google Pay lost its users from 38 to 25 percent, making it the most decreased wallet than other mobile wallets. Low-security measures and susceptibility to scams are the main reasons users have lost
their confidence in these apps.
Mobile applications protecting technologies secures a mobile app to identify and protect users' devices against the common tactics and techniques that scammers are using today. The app shielding companies need to take faster actions to protect the app's device and consumer data irrespective of the customers' device's security status.
Certification of the Payment Card Industry Data Security Standards (PCI DSS) is essential for all merchants or businesses that accept credit or debit cards online or offline mode. Advanced EMV technology is used to validate a transaction card's genuineness and facilitate the transactions' approval.
By aligning scam protection and proven identity theft, financial enterprises can achieve a transparent and safe digital payment environment. Digital payment initiatives also need to ensure that consumers explore new offers and regular economic interactions.
Regardless of what transactions function customers want to use, the payment information must be tokenized and encrypted so that future charges can be re-engaged. This will be useful and desirable for recurring payments, as previous payment information is secure and easily accessible.