How Wearables Are Stopping Payment Fraud

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wearable device fraud

The evolution of the wearable tech industry has helped to produce some of the most prolific tech pieces we have to date. The market has been increasing at quite a quick pace, helping to cement its place in the larger tech world. A new report has come out detailing how a new wearable in the space could potentially help to curb the high amount of payment fraud that many individuals face around the world. App developers have been working to create a new device that would use a combination of sensors to help ensure that the person paying for a good is entitled to pay for it with that method.

Security for payment has become quite a large issue after a series of hackings across the world have made consumers uncomfortable with the idea of using their cards and personal information at times. With the latest figures from Gartner showing that around 310 million wearable devices will be sold this year, totaling around $30.5 billion in revenue, the emphasis on security has been quite high. These tech devices have been growing in popularity, but the devices themselves have also been able to mature to quite a high amount. According to the report “The rise of mobile device fraud, combined with the amount PII and sensitive information transmitted by smartwatches and other wearables, means information security professionals must remain even more vigilant about mobile device security—with a special focus on the unique risks posed these devices.”

With the industry working on these new types of security methods, the adoption of these devices continues to be quite high as well. The only issue with wearables now seems to be the price of the devices. As prices come down, the hopes are high that individuals will be able to come into the space that would not have prior.

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