Mobile payment platform usage, already on the rise, enjoyed a massive boost during the pandemic as consumers and retailers sought out ways to utilize contactless payment services. Mobile payment platforms, used at point-of-sale locations, allow consumers to pay for their purchases using their mobile devices as digital wallets.
According to eMarketer, more than 101.2 million Americans over the age of 14 will use in-store mobile payment apps in 2021, and that number is expected to surpass 125 million by 2025.
In conjunction with the rise in mobile wallet usage, spending via mobile wallets has also increased, estimated to grow 23.6% in 2021 to $2,439.68 per user. That figure is expected to surpass $4,000 per user by 2025.
Rapid adoption of mobile payments and the use of mobile apps to conduct financial transactions has triggered an increase in activity by bad actors looking to cash in on this trend. The FBI recently issued a public service announcement warning consumers and brands alike that bad actors are actively targeting mobile banking apps.
Bad actors try to trick unsuspecting consumers into downloading inauthentic apps by hiding their malicious apps behind trademarked images and logos. These apps, built to look just like the authentic versions, may contain malicious code, seek out unnecessary permissions, or access sensitive information and personal details stored on mobile devices.
Fake mobile apps are an important signal of organized abuse targeting your brand. We have found that more than 45% of mobile app infringement cases are linked to a brand abuse network. These highly organized networks are hidden by multiple layers of obfuscation and are inherently difficult to detect and dismantle.
With so many people embracing mobile and mobile apps, it’s critical for brands to incorporate a mobile component to their brand protection strategy. In addition, it’s vital that brands ensure their brand protection providers are able to meet the challenge posed by brand abuse networks.
Unfortunately, legacy brand protection providers are not able to address the challenges posed by brand abuse networks. Modern brand protection solutions can identify high-priority brand abusers so you can focus on the most egregious offenders -- and ensure your customers have a safe and authentic experience with your brand.
To learn more about how Appdetex can help you meet today’s brand protection challenges, request a demo today.
