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Jonathan Camhi
Jonathan Camhi
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Top Quotes From BAI Payments Connect

Six quotes on fraud, mobile and all things payments from this past weeks' BAI Payments Connect conference.
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On Mobile Wallets:

Consumers expect that the mobile wallet will work everywhere that is contextually important in their lives. In our focus groups it's always 'What do you mean I can't use it everywhere?'"

Todder Moning, Senior VP and Payments Innovation Director, U.S. Bank

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Byurcan
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Byurcan,
User Rank: Author
3/18/2013 | 1:51:15 PM
re: Top Quotes From BAI Payments Connect
Riley's point is interesting, that essentially it is impossible to fully secure the mobile device. Behaviorial monitoring and analytics, being able to detect suspicious activity quickly, can be very effective, not just for mobile but all types of financial fraud. Essentially" Know your customer, but a complete view of each and every customer is a difficult thing to get to.
Cara Latham
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Cara Latham,
User Rank: Apprentice
3/18/2013 | 12:40:34 PM
re: Top Quotes From BAI Payments Connect
I have to admit I am one of the consumers who will expect the mobile wallet to work everywhere that is "contextually important" in my life, as Todder Moning points out. I think most consumers will be more keen on the idea of having a mobile wallet if it functions like a credit card -- that there are security features built in and we can use it everywhere without having to carry cash or other credit cards. Otherwise, what is the purpose? Personally, as it is, I have a hard time patronizing businesses that don't allow me to use my credit card easily to pay. For me, quick and easy payment methods are attractive, and a mobile wallet that can help that process will be welcomed.
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