Fraud Prevention in Online Payments: A Practical Guide

Learn how to prevent payment fraud with effective fraud detection, online prevention solutions, and secure payment orchestration strategies.

The Basics of Fraud Prevention in Online Payments

With the surge in e-commerce and digital payments, fraudulent transactions have become more sophisticated, costing businesses billions annually. For businesses, effective fraud prevention tools and solutions have become a necessity.

This article explores the essentials of payment fraud prevention, highlighting common threats, the role of payment orchestration platforms with advanced security measures, and best practices to safeguard transactions.

Common Types of Payment Fraud

Understanding the types of fraudulent payments is the first step in implementing an effective fraud prevention strategy. Here’s the list of the most common types of online payment fraud:

• Identity theft: Fraudsters use stolen identities to make unauthorised purchases or access accounts.
• Phishing scams: Cybercriminals trick users into revealing sensitive payment data and further misuse it.
• Card-not-present or CNP fraud ...