Mobile Payment Fraud – Emerging Ground for Cyber Criminals

We may love the Hollywood movies about amazing bank or jewelry heists, armored car robberies, art scams and the like, but smart criminals figured out long ago that a good financial data breach is a much more lucrative form of criminal activity. And it comes with the added benefit of much lower risk of arrest and little chance of being shot at or even getting a cold working outside in the wee hours of the night.

Target, JP Morgan Chase, the Home Depot and some of the biggest names in banking and retail with some of the biggest IT security budgets in the industry have been hacked and customer financial data has been sold to the highest bidder. Losses are not calculated in millions, but in billions of dollars.

Changing payment scenario

Data breaches directed towards consumer mobile devices are less appealing to hackers compared to hacking into a central server or merchant terminals that offer the financial data of millions of customers. When incidents of financial da ...

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