Report: Mobile Payments Fastest Growing Segment of Online Transactions
April 19, 2012
Mobile payments have grown 852 percent in the past two years and now account for six percent of all online transactions, according to a new report from anti-fraud technology provider Kount. In Fraud Insight: Mobile Transactions and Fraud , Kount found that knowing the specific mobile device used in a transaction can shed light on the risk involved in that transaction.
“Assessing the risk of a specific device is one of many components to consider as part of a company’s overall risk assessment to optimize its fraud management system and improve the bottom line,” says Steve Rouse, chief operating officer of Kount. “One interesting trend [we found is] the approval rate of iPads is among the worst while the fraud rate is fairly minimal and the average transactions per the devices listed are easily the highest.”
Only 88.3 percent of transactions initiated on iPads are approved compared to 96.6 percent of Android transactions and 95.2 percent of iPhone transactions, according to the report. The fraud rate on iPad transactions, however, is only .15 percent compared to .17 percent for Android transactions and .31 percent for iPhone. The report also found the iPad had the highest transaction amount of the mobile devices examined at $107.13 per purchase, followed by the iPhone at $79.34 and Android at $48.12.