How fintechs can tackle mobile fraud during COVID-19 and beyond.
On the 17th of November 2020 TMT Analysis brought together a roundtable of leading experts in mobile identity, mobile fraud and fintech to discuss the rise in mobile fraud and what could be done to tackle it.
This Whitepaper is produced using the comments of all the participants and their thoughts on the central question ‘How fintechs can tackle mobile fraud during COVID-19 and beyond?’
What Is Fraud?
Mark Courtney, chief product officer at Cifas, chooses to highlight two types of fraud. “First-party fraud – that person is committing fraud using their own identity. Then you have third-party fraud – pretending or acting on behalf of a real identity in order to commit fraud.”
Increase in fraud
Cifas has seen an increase in facility takeovers (where a fraudster gains access to the accounts of innocent victims and then uses that access for their own benefit), with a 34% increase year-on-year. Courtney adds that telecoms accounts for over half of those cases recorded.
Mobile payments
John Wilkinson, CEO at TMT Analysis, acknowledges that some of these problems are more of an “educational and cultural exercise for the next generation to deal with”. Wilkinson finds that “we are reaping what we have sown in the internet for the last couple of generations”.