Payment Fraud

Payment Fraud is a deceptive or criminal act intended to illegally obtain money or products by exploiting vulnerabilities in payment systems, which encompasses a broad range of illicit activities from using stolen credit card information in e-commerce to sophisticated corporate account takeover schemes. The global financial impact of payment fraud is substantial, with cumulative losses to online payment fraud alone projected to exceed $362 billion between 2023 and 2028, underscoring the critical need for robust security and fraud prevention technologies across all payment channels.