Consumers who use Android and iPhone devices to conduct mobile payments and mobile banking are top targets of fraudsters, according to a new report from Javelin Strategy & Research.
The research firm says that Android is especially vulnerable in the $20 billion mobile payments market because of its large and growing user base and open source platform. However, according to Javelin, the 33 million iPhone users are also attractive targets, as they spend more on average and shop more frequently with their smartphones than Android users. Javelin found that iPhone users spend 49% more money shopping through the mobile browser on their phone than through mobile apps, with $2.7 billion spent via mobile browser and $1.8 billion spent through an app.
Likewise, Android users spent 38% more, making $2.9 billion in mobile payments through their mobile browser, and $2.1 billion through the mobile app. Users of all other smartphones spent approximately $1.3 billion via a mobile browser.