Fraud and Risk Management

What is payment fraud risk? Types, prevention, and mitigation strategies

Key takeaways:

• Payment fraud is a type of cyber or social engineering attack in which a bad actor attempts to steal money via payment processes.
• Payment fraud can be first-party, where attackers use fake accounts or issue fraudulent chargebacks.
• Payment fraud can also be third-party, where attackers acquire access to account information to make unauthorized transactions.
• Common types of payment fraud include check fraud, credit card and debit card fraud, account takeover fraud, and gift card fraud.

Risk management framework: A comprehensive guide to mastering business risks

Risks are an inevitable part of building and growing a business. A risk management framework can help you measure business risks.