Payment fraud, defined as unauthorized access to an individual's financial details for illegal transactions, poses significant challenges in today's digital economy. The rise of sophisticated AI technology has led to more complex fraud schemes, affecting both businesses and data owners. Various techniques, such as hardware hijacking and malware, are utilized by criminals to acquire sensitive financial information. Notably, credit card fraud remains a prevalent concern, with the United States suffering a large percentage of global losses. Effective prevention strategies involve thorough assessments, planning, and preparation to mitigate these risks and respond to incidents.
According to a 2025 Nilson Report, global payment card fraud losses reached $33.83 billion in 2023, with the US bearing approximately 42% of these losses.
The best payment fraud prevention strategy requires careful risk assessment, planning, implementation, incident response preparation, and documentation.
Payment fraud is the unauthorized use of an individual's financial information to conduct illegal transactions, using various hijacking technologies to deceive victims.
Despite the implementation of EMV chip technology, criminals continue to exploit merchant vulnerabilities, employing tactics such as card cloning for unauthorized transactions.
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