Notes

Online Fraud Detection: The Timeline of Online Mobile Payments

As a society, our technology is becoming more and more skewed towards being mobile. Now we want to be able to do everything on our mobile devices, from shopping to paying for goods. With more smartphones in operation every year, this is a trend that isn’t slowing down or going anywhere soon.

If we go all the way back in human history, trading has been around forever. Whether that was a barter system with livestock and grain or a symbolic item to stand in for currency, these systems have been around for a very long time. These systems gradually evolved over time, with new ways to pay concocted on a regular basis.

Technology is the driving force behind many of these changes, as we’ve moved from bartering to the transfer of real cash. In the last decade this has changed even further though, as we no longer rely on typical methods of transferring this cash. Alternate payments now take up a huge part of the market, with new companies attempting to take their share of the market regularly.

Payment methods like Bitcoin, phone payments and even PayPal are still the leading force of this market. Users simply want the security and anonymity that these payment methods can provide them with. They are increasingly worried about internet fraud and disclosing their credit card details in plain text, which is understandable.

Gambling sites pick up on these changes in public preference quickly, so they allow users to deposit and withdraw with a wide range of payment methods. Now, the best UK bingo sites accept PayPal to help assuage these users’ fears.

PayPal bingo is becoming increasingly popular, as users are always wary about where they enter their card details. This doesn’t mean their accounts are totally invulnerable to hacking, but using a PayPal bingo site is more secure than giving out card details directly to a site. Digital payments can be risky but these sites aim to cut down on the instances of fraud out there.

Gaming safely is becoming a priority for users and these payment methods can help them do just that. The next big shift in the real world is the use of NFC payments, the likes of Apple Pay and contactless charges. These come with their own challenges, as users must be vigilant with their own security and who could take advantage of them. We’re yet to reach a type of payment that is totally secure without any potential for misuse whatsoever.

The ways we shop, game and transfer money has changed significantly and this seems set to continue. Facebook is experimenting with allowing their users to purchase through messages, which would pose another set of risks. These are all created with the idea of making things more convenient in time, though we need to be aware of the potential risks too.

Regulation for this sector is still catching up, as anyone can set up their own payment method if they choose. Unless they are doing something illegal, there’s nothing to stop them from promising security and convenience. A global standard is not yet in use, though experts speculate that it’s not far away. Financial authorities and banks are held to a standard, so it makes sense that any other payment provider would be too.

The history of mobile payments, and even payments in general, is convoluted so it’s hard to predict exactly where it will go next. We know what users want but we can’t say for sure what the next big thing will be to provide it. With technology always moving forward, the future is always bright for a new innovation.