Pat Carroll - ValidSoft - London 29 May, 2013, 11:53 0 likes

I’m in agreement with RBS’s Kevin Brown when he argues that while cybercrime is sharply on the rise, security measures are failing to keep up - the recent news of the $45 million stolen from prepaid cards is testament to this. Payment innovation continues to develop at a rapid pace, particularly in all forms of mobile payments, and the use of smart-phones for banking and payments is growing at a rate of nearly 53% per year (World Payments Report 2012 -http://www.capgemini.com/worldpaymentsreport).

This underlines once more the need for efficient, real-time detection, prevention and resolution, which protects both the customer and banking organisation from both fraudulent transactions. As banking moves further into the mobile channel the need for a secure - and yet seamless - means of verifying and authenticating transactions becomes paramount, for fraud will certainly draw on the vulnerabilities of this new, converged channel. If analyst predictions on the growth of mobile payments are to be realized, banks and mobile payment providers need to take a holistic approach to security and think about including it ‘by design’, rather than as a point solution. Telecommunications-based solutions – and specifically a custom built mobile-based solution – are key to combating this growing threat.