January 13, 2016
As new forms of payments emerge, the need to safeguard the security of consumers has been increasing. The advent of smartphones & new technologies has generated a range of online apps, but with these opportunities come risks, particularly as the online/mobile device has a different set of vulnerabilities and service arrangements.
The report talks about the major frauds faced by consumers, the percentage of the rise of fraud issues over the years, fraud security levels in European regions, key players catering to fraud & authentication markets, various technology & market trends in the industry and regulations in the fraud & authentication market.
Card fraud losses are growing and the UK has seen a large number of losses in the European region compared to other European countries.
Identity fraud is the fastest growing crime in the UK and can no longer be ignored. Everyone can be affected—from businesses to employees to consumers and individuals.
The report also highlights the fraud security levels in 2014 in comparison with security levels in 2013. According to the analysis, card fraud has increased majorly in countries such as France, Greece and the UK.
Experian, Easy Solutions, AimBrain and ValidSoft are key players in Europe’s fraud and authentication market. These firms provide innovative fraud prevention, identity verification and data breach solutions. The firms provide analytics solutions for fraud intelligence and transaction risk monitoring.
The report talks about latest market trends in the fraud & authentication market. With the increase in online and mobile payments, the risk of fraud has increased as well and firms are investing in fraud prevention measures to mitigate the risk of transaction frauds.
Retailers are investing and implementing biometric solutions to reduce the risk of losses and also as fraud prevention measures. Many merchants and retailers are adopting technologies to support digital currency transactions for more transparency in the transaction process. Also, it is beneficial for consumers to use digital currency to avoid the risk of identity theft.
European Banking Authority (EBA) provides guidelines for online or mobile transactions requirements and norms and enforces competent authorities and financial institutions to comply with the guidelines to mitigate risks.