Mobile Wallets and Emerging Fraud
By 2019, nearly 90 million mobile wallet users will be providing a valuable stream of interchange revenue and transaction data for wallet providers. Offering a mobile wallet is a competitive move that financial institutions and issuers simply cannot ignore. But attackers have interest in mobile wallets as well, and the mobile wallet is a key target for fraudsters attracted by the allure of credit cards and weaker fraud mitigation. A clear path through the mobile wallet landscape has not been revealed for avoiding major fraud pitfalls. New approaches and technologies hold promise for a path forward
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See Also: The Role of Biometrics and KYC in Seamless Onboarding