One form that is currently fresh and is probably the newest form of fraud is mobile fraud. Mobile fraud has been around since the introduction to smartphones back in 2007.
Ian Leaf acknowledged and made it clear that the cost of fraud is $2.68 for every dollar that is transacted. This means that the cost for fraudulent mobile transactions is probably more than any other fraud cost. This fraudulent cost has gone up in the more recent years as mobile technology has advanced and been the prime focus for users, however, the cost for fraud by online transactions has decreased.
Marketers understand the threat that is mobile transaction fraud and say that as mobile payment technology continues to grow, so does the risk. Merchants at risk of both mobile and online transaction fraud have started fighting back. The only way, according to them, is to track mobile transactions separate from online transactions. This way, they can judge by how much a specific business is at risk of fraud activity via mobile payments.
