As figures are released* today, highlighting the financial losses caused by credit and debit card payment fraud, KPMG’s forensic partner argues that whilst technological advances make ‘anywhere, anytime payment’ easier, they also increase opportunities for fraudsters to identify and target victims.
Hitesh Patel says: “The convenience of mobile payments has never been in question, but whilst consumers are comfortable with the idea of shopping as they stroll, many remain unaware that the financial information they keep readily available on smart phones, tablets and laptops is all-too-easily accessible by fraudsters. It’s a problem that will only increase as cash is replaced by contact-less payments or anonymously accessed verification codes.
“With the number of mobile purchases expected to grow as use of smart-devices continues to climb, consumers must take greater responsibility for security. They should begin by switching off data connections when they are not needed and end with a more robust approach to password protection.
“Speed of payment may define the customers’ experience in a data-driven world, but if it is followed by fraud, satisfaction levels will plummet as consumers look for someone to blame. That’s why smart-phone manufacturers, network providers and retailers must work closely to improve the security, infrastructure and interoperability of devices. Anything less and the fraudsters will prevail. But if they succeed, consumers will trust retailers with their m-cash and dip into their wallet as they walk.”
Ends
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Mike Petrook, KPMG Press Office
020 7311 5271 (t), 07917 384 576 (m) or mike.petrook@kpmg.co.uk
Notes to Editors:
About KPMG
*Figures released by Financial Fraud Action UK (http://www.financialfraudaction.org.uk/)
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
