The growth of mobile banking and payments has been a major economic and social phenomenon in the last decade.

Data from Grandview Research shows growth of almost 27% between 2020 and 2021 , to reach $9.1 billion in the US, more than 10% of all ecommerce sales. According to Oberlo Technologies, online shoppers used mobile devices for the majority (72%) of purchases, reserving desktop purchases for higher-value transactions. There’s no question that mobile is now the world’s preferred way to pay.

However, current paradigms for securing mobile transactions and reducing fraud chargebacks aren’t working, putting the longer-term growth of mobile commerce at risk. Chris Jackson, President of CyberloQ argues fully secure mobile transactions require failsafe authentication, including laser-focused geolocation technologies that can be easily integrated to prevent fraud before it happens.