Common Payment Fraud TacticsKnow Thy Enemy: How Payment Fraud Works in Practice
Common Payment Fraud Tactics Used by Scammers
Payment fraud is a broad and dynamic threat, and the fraudster’s playbook is lengthy. Threats range from simple scams using stolen credit card numbers to more sophisticated schemes involving identity theft and account takeovers.
In this article, I’m going to break down the most common tactics bad actors use to exploit merchants and steal hard-earned revenue.
Payment Fraud
In this guide, we take a look at what payment fraud is, how it works, and how it impacts merchants. We’ll also share tips and best practices you can use to identify, detect, and prevent these tactics from harming your business.
How Payment Fraud Works: Common Payment Fraud Tactics
Like we alluded to already, there are dozens of individual tactics and scams that fraudsters can use to commit payment fraud. Some of the most common include:
Common QuestionHow do scammers get their victims’ payment data?Hackers can obtain the data they need, including cardholder information, banking information, login credentials, etc., through a variety of channels. Phishing is a common tactic where the fraudster creates a dummy site or email designed to trick a user into handing over their information. The fraudster might also use malware to steal information from cardholders without their knowledge or purchase stolen information on the dark web.
