M-commerce presents large scale opportunity to engage and transact more efficiently between consumers and merchants, making it easier, faster and potentially more economical to conduct business across all channels. However, merchants should be aware that M-commerce is very new and the devices and behaviors consumers are using to conduct M-commerce are not fully hardened or matured against fraud and security breach.
As payments transition from plastic cards and magnetic stripes to mobile devices they will experience a new set of risks posed by the mobile platform. Consumers bank online, shop online, make purchases in-store and engage in many other activities from their mobile devices, and each of these activities is susceptible to risk. Based on the amount of identity, personal and payment information that can be stored in a mobile device they are quickly becoming the target of choice for fraudsters.