We’re living in an increasingly electronic world evidenced by the numerous alternatives to paying by cash. The role of cash has been greatly diminished in the marketplace with payment alternatives such as debit and credit cards, and app-enabled smartphones, tablets and other mobile devices now dominating the scene.
There are two reasons for card skimming. The first is for criminals to copy your personal information then use it to create a fake credit card to access and make payments from your personal account. The second is to steal your identity using your personal details to commit fraudulent acts that can include creating accounts, borrowing money or taking out loans.
A new Mobile Wallet Market Research Report recently published by Allied Market Research estimates that more than 70% of smartphone users are willing to adopt mobile payment modes and 15% have already completed the adoption. The mobile wallet system allows consumers to pay by smartphone, tablet or other app-enabled mobile device while on-the-go from any location, at anytime.