AFP Reports Concerns about Security of Mobile Payments

AFP Reports Concerns about Security of Mobile Payments According to AFP's "2015 Payments Fraud and Control Survey", 62% of organizations were impacted by payments fraud in 2014. That is a slight increase compared to the 2 previous years. It does, however, still represent an 11% decline from 2009.

Despite fears in the industry, the Survey found that 70% of companies that were subjected to payments fraud did not suffer a financial loss. Checks are by far the prevalent payment method involved with actual or attempted fraud, accounting for the largest dollar amount in losses. Credit/debit cards were the second most affected payment method. Wire transfer fraud doubled during 2014.

Mobile payments are a relatively new payment method. 78% of financial professionals believe concerns about security are keeping consumers from embracing mobile payments. As mobile payments become equipped with additional security features such as tokenization and biometric authentication that do not impact their usability, it is expected that they will be more widely accepted.

It is important for all businesses to take preventive measures to prevent cyber fraud by educating their employees on current payments fraud practices and implementing the products and processes required to protect their corporate assets.

To help minimize your risk, we offer these features within ExpertRPS:

  • Image Check Clearing - accelerated check clearing and return item notification
  • Check Verification - to determine the likelihood of a return
  • High Dollar Review - to allow visual inspection and approvals as appropriate
  • Hot Files - to review and/or reject payments based on your business rules
  • Image Quality Review - to filter out low quality images so they do not become return items