Online and mobile channels are critical to businesses and their customers. They’re also very attractive to criminals. As online payment channels continue to thrive, so has payment fraud, with schemes like chargebacks costing businesses billions of dollars annually.
To protect your business and your customers, you should know be able to recognize the various types of transaction fraud popular among attackers today. With the move to EMV, there has been a great shift to the e-commerce space and card-not-present fraud. Online merchants primarily face these types of fraud: