Moving ahead, banks will mandate extra verification methods, including in-app controls or digital token authentication, for adding cards to mobile wallets.
According to the Association of Banks (ABS), major card-issuing institutions successfully thwarted $53.9 million in losses during the fourth quarter of 2024 by enhancing their fraud detection protocols in light of increasing phishing scams. ABS explains that recent phishing schemes have shown that attackers initially deceive victims into entering their card information on a fraudulent website. The scammers subsequently transfer this card information to a mobile wallet on their own devices.
Afterwards, the victim receives an SMS with a One-Time Password (OTP), which the scammer uses to authenticate and finalize the setup by obtaining the OTP from the victim. With the mobile wallet now under their control, the scammers can carry out unauthorized purchases or transactions.
ABS emphasizes the importance of customer awareness and advises individuals to be wary when engaging with promotional offers.
These banks have collaborated with mobile wallet services like Apple Pay, Google Pay, and Samsung Pay, as well as card networks such as Visa and Mastercard, to strengthen card provisioning processes.
In the future, banks will implement stricter verification measures, including in-app controls and digital token authentication, for integrating cards into mobile wallets. Card-issuing banks are expected to roll out these upgrades as soon as possible, with a target completion date set for July 2025.
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