Payment fraud: What is it and how to protect your business

Payment fraud is increasing as fraudsters find new tactics to target their victims. Businesses need to enhance their fraud strategies to keep up with these new payment fraud trends.

With the right technology, businesses can detect and prevent fraud faster and reduce its negative impact, leading to cost reduction, better customer experience, and higher revenue.

Although some fraud attempts happen in stores and over the phone, online payment fraud is the most prevalent and fastest-growing, and what we’ll be focusing on.

In this article, you’ll discover:

• What is payment fraud?

• Types of payment fraud

• How does payment fraud impact businesses?

• Payment fraud challenges

• Payment fraud detection, prevention, and response

• How to measure the success of your payment fraud strategy

• How to protect your customers

• What industries are most at risk?

• Payment fraud protection