ThreatMetrix releases mobile security concerns for Black Friday, Cyber Monday

According to the source, there has been registered a considerable increase in transactions originating from mobile devices and this may lead to an increase in the number of fraudsters who target these devices.

ThreatMetrix shows that mobile transactions as a percentage of total transaction volume have increased from November 2011 to November 2012. The iPhone continues to be a leader in mobile transactions, whereas Palm transactions have all but disappeared. During the period under review, mobile transactions have increased by 11 percent for the iPhone, 53 percent for Windows and 7 percent for Android. Conversely, mobile volume has decreased by 81 percent for the Blackberry. Combined, the iPhone and Android account for 96.4 percent of the market share in mobile transactions.

ThreatMetrix has also identified several fraud concerns that retailers should keep top-of-mind during Black Friday and Cyber Monday 2012, with mobile transactions leading the way:
• Mobile transactions are expected to reach USD 1 trillion by 2017 according to a new report by market research firm IDC Financial Insights, making consumers more vulnerable to fraud and malware attacks on mobile devices. As consumers continue to make large volumes of mobile purchases and retailers do not have the time to closely monitor every transaction for suspicious activity, mobile opens the door to fraudsters during the holiday season now more than ever;
• Account takeover is a major concern for retailers this holiday season because of the significant increase in mobile usage. Many retailers are not equipped to secure mobile transactions with an exponentially larger volume of transactions during Black Friday and Cyber Monday, making consumers’ account and credit card credentials vulnerable to cybercriminals if retailers don’t act fast and execute a mobile security strategy;
• Clean fraud passes a retailer’s typical security screens and appears to be a legitimate transaction, when in reality, the transaction may be fraudulent and the result of a cybercriminal hiding behind a virtual private network (VPN). During Black Friday, Cyber Monday and the rest of the holiday season, many consumers travel with their mobile devices. Since fraudsters hide behind an IP address to mask their true geographic location, it is more difficult for retailers to tell which transactions are authentic.

ThreatMetrix serves a global customer base across a variety of industries, including financial services, e-commerce, payments, social networks, government and healthcare.