Chargeback fraud occurs when a customer submits a transaction dispute with their payment provider for illegitimate – even dishonest – reasons. The consequences of fraudulent chargebacks can include unnecessary costs to firms, as well as enabling certain forms of illicit […]
An estimated 26 percent of the global population uses online gambling services to bet or play online casino games like poker and blackjack. In an environment where millions of people are exchanging money online, it’s no surprise that scammers have […]
Financial institutions (FIs) need to understand the various types of financial fraud to safeguard their assets and maintain the trust of clients and stakeholders – particularly as new avenues for fraud and illicit activity continue to unfold. This comprehensive guide […]
Fraud detection and prevention are two of the most critical competencies in banking today. The ground reality for banks today is that firms will be dealing with thousands of fraud attempts every single month. And should a criminal succeed, the […]
Over 50 percent of companies disclosed they were victims of fraud between 2020 and 2022, according to PwC’s Global Economic Crime and Fraud Survey 2022. This is the highest percentage of fraud seen in the last two decades of research […]
During seasons of economic volatility, businesses have historically faced numerous enhanced risks to their operations, such as supply chain disruption, staff retention, and cyber threats. In 2023, this has led to an increase in fraudulent activities as fraudsters use advanced […]
Triangulation fraud is a big concern for financial firms, yet it can be challenging to detect because, at first glance, all the actors appear legitimate. Firms can improve triangular fraud detection and prevention with smart software that utilizes artificial intelligence […]
First-party fraud (FPF) is a type of fraudulent activity where an entity deliberately engages in deceptive practices or provides false information to defraud a company or organization from within. A unifying factor behind various types of first-party fraud is that […]
Credit card fraud is one of the most common types of identity fraud. Its prevalence rose significantly during the coronavirus pandemic, with fraudulent credit card applications up 17 percent in the first month of the pandemic alone. And this has […]
The Automated Clearing House (ACH) network is a way of transferring money from one bank account to another. Supporting both credit and debit transfers, payments and withdrawals are sent to the clearing house where they await authorization before arriving at […]
E-commerce has become indispensable to retail frameworks around the world, providing customers and businesses with a flexible shopping experience that can save both time and money. However, high return rates are becoming an increasing challenge, creating additional costs and complexities […]
Payment fraud is when someone steals another person’s payment information – or tricks them into sharing it – to make false or illegal transactions. The 2022 AFP® Payments Fraud and Control Survey reports that 71% of organizations were victims of […]
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