Mobile App Fraud: Online Fraud’s Bigger, Badder Brother

There seems to be a mobile application for just about anything these days. From dating and deliveries to dog-walking and drama-streaming, apps now play a huge part in our daily lives - and this is not likely to change anytime soon. Yet what many people and businesses do not realize is that this shift to mobile-based interactions has opened a pandora’s box of fraudulent tools and techniques. Meet mobile app fraud - online fraud’s bigger, badder brother.

To most businesses, the phrase ‘online fraud’ evokes images of hijacked accounts and stolen payment details that are used to carry out unauthorized transactions on e-commerce or banking sites. However, with consumers averaging 4.2 hours daily on mobile in 2020, mobile applications have become the new target for fraudsters and unfortunately, require a much different approach to fraud prevention. Here are four things all businesses with mobile apps should know: