Financial Crime World

Poland’s Online Businesses Urged to Beef Up Fraud Prevention Measures Amidst Rising Mobile Transactions

Surge in Mobile Transactions Exposes Online Businesses to Financial Risks

WARSAW, POLAND - As Poland continues to experience a significant surge in mobile transactions, online businesses are being advised to strengthen their fraud prevention methods to mitigate the risk of financial losses.

According to recent reports, card-related fraud has been relatively low in Poland, with just 18% of consumers experiencing such incidents over the past five years. However, as Polish consumers increasingly turn to online and mobile payment channels, merchants must adopt sophisticated anti-fraud techniques to ensure profitable business expansion in this vital market.

Growing Demand for Mobile Commerce Exposes New Security Threats

In 2012, total card fraud in Poland reached EUR 2.9 million, with the figure rising to EUR 4 cents per EUR 100 spent on Visa cards by mid-2013. This is significantly lower than the European average of 1/10th. The reported breakdown by fraud type in Poland was:

  • 38% at the ATM
  • 41% card-not-present transactions
  • 21% at point-of-sale

The growth of mobile commerce in Poland has been particularly remarkable, with a 722% increase in mobile transactions in 2013, making it the fastest-growing mobile commerce market in Europe. With the number of smartphones in Poland doubling to 13 million in 2013, online businesses are being encouraged to invest in robust mobile fraud prevention strategies.

Expert Warns of Emerging Threats

“Mobile fraud can be more difficult to combat than traditional online fraud, as perpetrators often use stolen or fake identities on-the-go,” warned a leading expert in online security. “To stay ahead of these threats, merchants must implement cutting-edge authentication and verification methods that can effectively detect and prevent fraudulent activity.”

Banking Sector Responds with New Payment Solutions

The Polish banking sector has already begun to respond to the growing demand for mobile commerce by introducing new payment solutions, such as Bank Zachodni WBK’s ‘super-wallet’ feature in its banking app.

Businesses Urged to Stay Vigilant and Invest in Fraud Prevention

As the online market continues to evolve, businesses are urged to stay vigilant and invest in fraud prevention methods that can adapt to emerging threats. By doing so, they can protect their customers, maintain trust, and continue to grow their business in this rapidly expanding market.