During the first quarter of this year, more than the 70% of the 3.1 billion transactions made by online shoppers across Europe, the Middle East, and Africa (EMEA) originated from mobile devices.
With the uptick in mobile purchases also comes the increase in cybercrime and fraud attacks.
Between January and March 2019, the ThreatMetrix EMEA Cybercrime Report: Q1 2019 shows users who shopped online were victims of cybercrime and fraud throughout their online journeys, including when they created new accounts, used their logins, and made payments.
A Big Security Problem in the Works
The report further predicted as more and more people shift to digital and mobile payments, entities will have to put a greater focus on safeguarding customer credentials, strengthening digital identity verification, and implementing low-friction authentication and effective fraud control measures.
As the security of customer credentials continues to become deeply scrutinized, it creates tension between security and the seamless experience online merchants want to offer their customers.
While businesses grapple to strike a balance between effect fraud detection and near frictionless experiences, consumers do not expect to be left in the lurch.
Whatever the challenges merchants face, shoppers expect their personal data to be protected without experiencing inconvenient, laborious identity verification processes. Instead, consumers want streamlined experiences without jeopardizing the security of their personal information.
What Online Merchants Can Do to Prevent Incidents of Cybercrime and Fraud
As the shift to digital and mobile transactions increase in places, specifically in the EMEA, organizations must keep track of ways that cybercrime may look for vulnerabilities and exploit them.
Merchants need to be aware of the latest cybercrime trends and take steps to prevent them. Take the following actions:
- Pay attention to ecommerce and mobile traffic and look for abnormalities in both types of transactions. Be sure to differentiate between the two types of traffic because it will make it easier to detect increases.
- Comply to the Payment Card Industry Data Security Standard. Level 1 provides the highest protection. Though certification may not be necessary for some businesses due to their transaction volumes, following the standard has great data protection advantages. In fact, it can deter cybercrime and fraud.
- Track consumer behaviors and set velocity controls. Any shifts in online traffic or behavior needs to be monitored. Implementing a seamless secure checkout solution for shoppers can lead to more secure experiences. Creating this type of experience will put customers at ease, which will make them feel comfortable making online and mobile transactions more frequently.
- Send consumers texts, emails, or calls when a transaction looks suspicious. It will help gain their trust and loyalty.
The Last Word on Consumers Shifting to Mobile and Digital Payments
Taking some or all of the above-mentioned actions will help merchants better protect themselves and their shoppers. As the use of mobile payments increases, expect scammers to stay one step ahead, which means that merchants need to fight even harder to create positive seamless, safe experiences.
Apply for Merchant Account Services
If you are a business interested in obtaining merchant account to process credit and debit card transactions, contact eMerchantBroker.com (EMB). It works with all types of businesses, including those in high-risk sectors and those with no credit card processing histories.
Apply online today to begin the process. Eligible merchants get approved in as little as a few days.