Mobile Payments

With the latest innovation of technology today, people are finding easier ways to make their lives productive.

Mobile payment or known also as Mobile wallet is an alternative payment method. Instead of paying with cash, cheque or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods such as Music, videos, ringtones, online game subscription or items, wallpapers and other digital goods, transportation fare (bus, subway or train), parking meters and other services and many more.

However, Neural Technologies, a leading risk management software vendor, warns that mobile payments will also provide rich pickings for fraudsters.

(PRWEB) June 28, 2011

Mobile payments are one of the most exciting new developments in the telecoms sector, with tremendous growth expected over the next few years.

According to Gartner, mobile payment services are expected to reach US$245 billion in value worldwide by 2014.

As the use of mobile payments grows globally, so too does the risk of mobile payments fraud . Gartner, and other eminent research companies, predict that these services will be extremely attractive to fraudsters and those seeking vehicles for money laundering.

“Given the explosive growth of smartphones and other mobile devices, the increase in mobile commerce, and the migration of fraud attacks to these devices, using mobile fraud detection in mobile commerce environments is an imperative.” (Gartner)

According to Neural Technologies, an appreciation of the fraud and risk threats posed by mobile payments can be achieved through understanding the various mobile payment products and services on offer, as well as the different technologies used to deliver them.