Payment fraud has been around for generations, constantly evolving, often with sophisticated techniques used. The reason is simple, with financial transactions the ability to succeed with fraud often comes with high earning capability.
The criminal community have access to modern automated tools, and they work collaboratively. When one gang succeeds, they rapidly share on the dark net the secret of their success. Others rapidly test the approach and follow. The organisation that that is usually hit whilst also having invested in modern tools, rarely work collaboratively externally within their industry niche, or internally where divisional siloes often benefit those seeking opportunity. The organisation being attacked needs to protect every conceivable angle and weak point and lock it down. The attacker needs to find just one weak area to get in.
As we head toward 2024, the latest payment fraud trends have evolved with the way consumers are using payments both by channel and method. Below are 3 broad areas and the types of fraud trends being seen in 2023. Of course, traditional fraud continues to be successful as well, especially in online payments which continues to grow at a fast pace, so an organisation must continue to protect against these risks.