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The State of Financial Crime 2024: Download our latest research

Searching for 'chargeback fraud'

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

money laundering using prepaid cards

Although prepaid credit cards have been available since the 1990s, their popularity grew significantly in the late 2000s and continued to do so over the following decade. By 2027, research suggests that the prepaid cards global market will be worth $3tn, creating […]

From COVID-19 to the Russian invasion of Ukraine, global events are significantly changing the behavior of criminals and legitimate customers alike. In turn, these changes have impacted firms’ transaction risk management frameworks. In an interview with global financial crime consultancy […]