Social media-based fraud to have 'big impact' on UK retailers

e14news — Thu, 07 Oct 2021 10:34:21 GMT

Current Revision posted to Documents by e14news on 10/7/2021 10:34:21 AM
PayPoint.net has warned that mobile and social media-based fraud "are going to have a big impact on UK retailers," wireless communication device manufacturers may be interested to learn.

According to Michael Norton, managing director at the internet payment service, as anti-fraud schemes run by mainstream card-issuers didn't reach social media or mobile apps, retailers and consumers trading on those platforms were more exposed.

"Mobile and social media fraud are going to push fraud up by 18 per cent over the next four years," he commented.

"One of the key reasons for this is that two of the big anti-fraud schemes run by Visa, MasterCard and other card-issuers, aren't available for mobile apps and social media sites."

As a result, Mr Norton added, there will be far less protection for the retailer and "correspondingly greater risks for consumers".

Research by PayPoint.net has suggested that mobile and social media shopping will drive online fraud to grow to the value of £195.3 million by 2015.

Posted by Simon Jones