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08:06 8th July 2011
A rise in mobile and social media fraud will likely impact negatively retailers in Britain, according to Michael Norton, managing director at internet payment service, PayPoint.net.
The expert said that because anti-fraud schemes run by mainstream card-issuers didn't stretch to social media or mobile apps, retailers and consumers trading on those platforms were more at risk.
"Mobile and social media fraud are going to push fraud up by 18 per cent over the next four years," he said.
"One of the key reasons for this is that two of the big anti-fraud schemes run by Visa, MasterCard and other card-issuers, aren't available for mobile apps and social media sites,” Mr Norton added.
He went on to say this meant far less protection for the retailer, and greater risks for consumers.
His comments emerged as research by PayPoint.net showed mobile and social media shopping will drive online fraud to grow to the value of £195.3 million by 2015.
Posted by Hannah James
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