There are now billions of connected devices in use and that number is expected to quickly double and continue growing. And, while plenty of innovators are thinking about and working on how to deliver rich, frictionless shopping experiences through connected devices, experts say relatively few are thinking about the associated risks.
If those concerns are not addressed by companies interested in supporting shopping via IoT, the potential scale of connected commerce could result in a significant increase in card-not-present fraud. In addition to the financial loss companies might incur, insufficient attention to security also could lead to other incidents like the Amazon mishap in Portland resulting in reputational damage and potential setbacks in consumers’ trust in the new channels.
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