In recent years, Peer to Peer payments have shown a significant increase, passing the $120 billion mark (2017). Currently, one in three American consumers uses P2P apps to make instant payments to friends, relatives, service providers, or anyone they owe money. Since P2P account opening does not require identity verification, it is vulnerable to various types of fraud and threats including malware, social engineering, remote access, SIM swapping, call forwarding and other techniques. Using these techniques, the fraudsters are able to exploit two main points of failure:
Mobile payments horror stories in time for Halowwen. orget ghosts and goblins, mobile fraudsters are real-life villains haunting banks, ecommerce and mobile proivders
Where the US stands in relation to mobile payments.
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In just a few years, mobile P2P payments have exploded in popularity. Paygilant provides a real-time mobile fraud prevention solution for P2P, mobile wallets, financial institutions, and eCommerce.
Mobile Banking has become an integral part of the financial ecosystem. Almost all banks have one type of mobile payment app or another. But the are you aware of the widespread acceptability of mobile banking? Check out our 7 Mobile Banking Stats – That Will Surprise You infographic to learn the impact of mobile banking.