Operations

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.

Black Friday preparation: A 10-step guide for small business owners

With shoppers spending a whopping $10.8 billion in online sales alone in 2024, Black Friday preparation is easily one of the most pivotal times of the year for small businesses.¹