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Payment Privacy Protection - Global Security Implications

Germany reinforced policies for cross-border payments and cross-border ATMs in order to diminish the risk of fraud in 2012


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2014-01-09 05:19:01 - Payment Privacy Protection - Global Security Implications - a new market research report on companiesandmarkets.com

Payment fraud continued to increase across Europe in 2012. France and the United Kingdom were the most notable market regions targeted. The increase of smartphones and tablets has changed the way people use professional and personal communication devices. During the payment process, risks are high, especially during a card not present (CNP) payment.

In Europe, the fraud rate has continued to grow. Most fraud is conducted during Card Not Present (CNP) payments. Germany reinforced policies for cross-border payments and cross-border ATMs in order to diminish the risk of fraud. The impact was important in 2012. In 2012, the total volume of transactions increased significantly. As a result, the level of fraud has followed the same trend. France is the number one

 

 

country for fraud, even if this amount only represents a relatively small percentage of the total cases.

Increased adoption of mobile data services will have an impact on requirements relating to securing mobile devices. Indeed, the number of transactions and the volume of data exchanged will have an impact on the number of security processes to be handled and the total time to perform these security requirements.

The need for identity access management (IAM) solutions is driven by the needs of sensitive markets such as government, financial services, and healthcare. The government market will grow during the period 2012 to 2018, while the financial market will also expand over the same period. A simple identification technology is not enough; most organisations have already moved to a multi-factor authentication model. The IAM revenue forecast in EMEA will grow during the period 2012 to 2018.

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