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5 Signs of Payment Fraud Your Business Should Look For
- Payment fraud is the unauthorized manipulation of payment processes to illegally receive, spend, or transfer money. It involves numerous deceptive practices including credit card fraud, phishing, ATO, synthetic identity fraud, and chargeback fraud.
- Phishing, faking invoices and payment requests, is the most common strategy for attackers in 2025, accounting for around 44% of all data breaches.
- ATO is increasingly more common with the ATO attack rate increasing by 24% in 2024.
- Unusual transaction patterns, cross-border payments with discrepancies, or high volume of failed login or payment attempts are signs of incoming payment fraud.
- A significant increase in chargebacks can also indicate fraud. It is important to set up address verification systems and card verification values for all payments, along with clear and accurate records of transactions and shipping confirmations.
- Phishing is still one of the most common forms of payment fraud, which is why it’s important to train all staff on how to spot an authentic email from an unauthentic one.
- It’s important to protect your business from payment fraud before it becomes an issue. You should be using encryption, tokenisation, and secure payment gateways to protect transaction data.
- Every employee should be able to recognise and prevent fraudulent activity, with regular training sessions and updates on the latest fraud tactics.
- Staying informed on all the latest cybersecurity rules and news, and adjusting your security measures accordingly is essential.
- It’s essential that you remain vigilant and adaptive in order to minimize risk and keep your business safe from the threat of payment fraud.
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