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Deconstructing Mobile Fraud Risk
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RetiredUser
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RetiredUser,
User Rank: Ninja
5/5/2015 | 3:46:17 PM
Needed: Tighter Regulations, Harsher Penalties
* First, fraud starts on systems you can't control.

I maintain that an organization serious about protecting its data will have a firm policy against BYOD. This is an organization approach to security that established the importance of the company and its assets over your personal preferences for computing and managing your life. While EMM applications may seem like a fair compromise, when users BYOD they often uninstall EMM apps when things go wrong.

No BYOD means improved security right out the gate.

* Second, fraud management is a high frequency/high friction activity.

I would argue that $190B/year loss to American merchants represents a disaster at a national level. To know that this continues to happen year after year is unacceptable. Here I go again, I know, but to not have tighter regulations and fine-related targets of evaluation (TOE) that must be met by companies to be even _allowed_ to connect financially to the Internet means we as a country are not taking cybersecurity seriously. The US bleeds money yearly (war, international loans/debt, etc) and one of the elements of our economy that allows us to recover from this is our capitalist system. To not protect that system with everything we've got points to a deep lack of understanding of what security, mobile or otherwise, truly is from a data ecosystem standpoint.

* Third, fraud is visible to the world.

I couldn't agree more. From the 22% of high-grade data breeches and the $190B/year loss, this is highly depressing. And when you read exploit and root cause analysis reports on many of these incidents, the initial point-of-entry was one that could have been prevented had the scope of the security strategy been expanded, and the specializations acquired in terms of talent been more varied. Again and again, we see the multitude of security applications making various claims and seemingly presenting an easy all-in-one solution that business often fall for in place of architecture, design and strategy. Perhaps some of this is due to cost-cutting but in doing that, a business might be risking their very existence if they are hit hard by mobile fraud.


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