It is important to understand the likelihood of counterfeit card fraud occurring at your business. In most cases, if you are a mobile payment processing app user, you are not a likely target for this kind of fraud, for a few reasons:
- Currently, there is no known technological process existing to counterfeit EMV cards, and thus the instance of a counterfeit card being presented is largely hypothetical for now.
- The bulk of card fraud occurs in online transactions.
- Of the fraud that does occur at point of sale, the vast majority is targeted towards medium-large sized retail establishments which sell high-value merchandise that can be redeemed for cash in the black market, and less than 5% of counterfeit fraud occurs in mobile environments.
- Law enforcement is generally more effective in regions where mPOS solutions are broadly used.
Thus, if you are a small business operating in a mostly mobile environment, and especially if your business is service-based and/or involves a close relationship with customers, fraud may be of minimal concern to you.