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UKFraud launches mCommerce and payments advisory service

Businesses in the mobile commerce and payment solutions sectors now have a new avenue to investigate when checking if their products are right for market.

The risk and fraud prevention consultancy UKFraud has launched a range of analytical, consultancy and advisory services aimed at giving these companies advice on whether their payment solutions offer sufficient protection from data breaches and other risks. In particular, the UKFraud services will ensure that mobile wallet providers incorporate the right customer ID and authentication technologies and processes.

It comes at a time when there has been a significant increase in the development and appearance of a range of wallet-type products in the market, including those from Google, mPowa, Skrill, and Apple's iPhone 5S integral fingerprint reader.

UKFraud says that proper wallet infrastructure should include the following five key elements: authentication of user identity; validation of the technology architecture; interoperability; transferability; and reliability.

Bill Trueman, CEO of UKFraud, commented: "Our clients understand these practical ID and authentication issues as part of their wallet designs, and we assist them in closing gaps and weaknesses. Once these are ironed out, they can plan for the future in what is a fast and growing market filled with uncertainty and challenge.

"It is inevitable that many of the growing businesses in this area will fail simply because of criminal attacks or because the consumer, the merchant, the supplier or market simply goes in a completely different direction. Future-proofing is a prudent course of action and one which UKFraud helps with but of course no-one has a crystal-ball."

Trueman also called for more input from regulators surrounding the stewardship of this growing industry, saying: "Outside of the excellent steps being taken by the European Payments Council, there is not enough heard from governments and regulators relating to governance of the sector, controls and requirements for eMoney, enforcement direction or strengthening of the money laundering requirements to cover the sector.

"We are confident though that the European Payments Council will take a strong lead here soon."