eCommerce technology, like social media and cell phones, is going to be increasingly targeted by fraudsters and the results could affect many retailers.
Michael Norton, managing director of PayPoint.net, said that fraud through these channels will go up by 18 per cent over the next four years.
"One of the key reasons for this is that two of the big anti-fraud schemes run by Visa, MasterCard and other card-issuers, aren't available for mobile apps and social media sites. This means far less protection for the retailer, and correspondingly greater risks for consumers," he added.
Mr Norton went on to say that there are management tools available which firms should use, allowing them to capture and quarantine any suspicious activity before money changes hands.
His words came after the internet payment service provider revealed that fraud risks are greater online, as users need to hand over less information to make a purchase or carry out a transaction.
Posted by Rachel Wheeler