This episode was recorded at the Money 20/20 event in 2019. On this episode, PaymentsJournal’s editor-in-chief, Ryan McEndarfer, sat down with Molly Hetz, Product Marketing Manager at iovation.

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PaymentsJournal:

Molly, thank you so much for joining me on today’s episode.
So, iovation recently released a 2019 Financial Services Fraud and Consumer
Trust Report. Would you mind giving our audience an overview of the findings
from that report?

Molly Hetz:

Yeah, thanks so much for having me on the show with you
today, Ryan. For the 2019 Financial Services Fraud and Consumer Trust Report,
we really wanted to focus on looking at our data and seeing what kind of trends
we’ve seen with financial institutions over the past year. We also wanted to
speak with direct consumers by conducting an actual survey with them. What we
really found was that fraudsters are targeting financial institutions. We’ve
seen mobile go up by 50% of the time, meaning that they’re targeting mobile
devices 50% of the time. We’ve seen mobile fraud really increase over this past
year. We saw it go up significantly. In the report, the analysis that we did
was over tens of billions of global online financial services transactions. And
like I mentioned before, we went ahead and surveyed 1,604 consumers across the
UK and the US. It was a really conclusive study that ranged across two
different and really interesting markets when you think about financial
services.

PaymentsJournal:

Certainly very interesting. Now, you pointed out there that
fraudsters are going or attacking more mobile. I think you pointed out that 50%
of the time it’s there, and I think that that’s very interesting. I would have
to then make the assumption that consumers are using mobile more now because
that’s where fraudsters are going, because usually the two are related on that.
From the report, are you seeing that consumers are using mobile devices more in
financial services?

Hetz:

Most definitely. 61% of traffic is actually coming from
mobile, which is an increase from 2014, when it was just 28%. So we’ve seen an
increase from 28% in 2014 to 61% so far in 2019. That’s a huge increase. This
is mobile device usage,