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The increase isn't surprising, particularly as more merchants move to facilitate credit unions operate under sweep-
mobile commerce. What is surprising is merchant attitudes toward addressing ing federal mandates regarding cus-
the lurking problem of mobile payments fraud. "Causing some concern is tomer data and privacy protection –
the fact that despite more merchants reporting growing mobile fraud, fewer mandates enforced by federal regu-
merchants are concerned with managing fraud in the mobile channel any lators. Merchants do not. This makes
differently than they do for traditional ecommerce," Kount wrote. Just one in for sharp contrasts when comparing
four described mobile as a higher-risk channel, compared to 44 percent two breach sources.
years ago, the report noted.
According to the Identity Theft Re-
It's no secret that merchants, with their troves of personal customer informa- source Center, 81.3 percent of re-
tion, are magnets for crooks. Financial institutions are, too, but banks and cords exposed in breaches as of May
were at businesses, including retail-
ers; just 0.2 percent occurred in the
financial sector.
Become a Partner
866-557-3655
Riskpayments.net/Partner Legislation that would have imposed
strong data protection requirements
on all companies handling sensitive
consumer financial data (not just
banks) was shot down in Congress
in 2016. No similar legislation has
High Risk? We think not. been introduced in the current ses-
sion of Congress.

Benefit from specialists in higher risk, hard to place accounts. The American Bankers Association
When others say no, we say YES. Our experienced underwriting and other banking groups want a
team gets your deals approved, fast. renewed push, however. "It's time
to get serious about building a se-
curity infrastructure that brings
banks, payment networks and retail-
ers together to safeguard sensitive
financial data," James Ballentine,
ABA Executive Vice President for
Congressional Relations and Politi-
cal Affairs, wrote in a May 8 letter
to members of Congress. It's time
to pass a strong, consistent national
Complex Business Models Heavily Regulated Industries High Volume Accounts standard for fighting data breaches
that give consumers the protection
they deserve."

Features Supported Industries I agree. There's also a need for more
and better coordination between
Maximum revenue share and lifetime residuals  Online Firearms participants in the payments space
True Interchange, zero liability, no exclusivity  Online Pharmacy to keep cardholder data secure and
 Telemedicine out of reach of fraudsters. EMV is a
Chargeback management and risk reduction programs start, but it's only a start. And con-
 Travel sidering the United States is the last
Multi-currency support with proprietary gateway
 MLM / Direct Marketing major economy to move to EMV, and
International merchant accounts that card-accepting gas pumps are
 Nutritional Supplements exempt from the mandate for an-
Recurring and subscription billing
  Collections other three years, it's a weak start at
A Auto account updater  Digital Content that.

Many More..
Patti Murphy is Senior Editor of The Green
Sheet and President of ProScribes Inc. She is
also the founder of InsideMicrofinance.com.
Earn maximum revenue by becoming a partner. Call 866-557-3655 or visit RiskPayments.Net/Partner Email her at patti@greensheet.com.

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