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What is payment fraud?

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0 2022-04-18T12:44:52+00:00
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While the world has moved forward and technology has entered every nook and corner, some downsides have also come up. I have been a victim of payment fraud and the anxiety it caused was something else altogether. Let me share my experience with you to make you aware of what is payment fraud meaning.

Payment fraud definition

Payment fraud occurs when someone uses your payment information to make unauthorised transactions. My first encounter of this nature happened 5 years ago. Someone cloned my credit card and maxed out its limit. I didn’t notice it until it was too late. 

Types of payment fraud

I hope you are well aware of what is payment fraud. Let me also help you know the types of payment frauds. I got this knowledge while I went to file a complaint.

There are mainly 3 types of payment frauds:

  • Identity theft: when someone uses fraud practices and pretends to be you while making transactions

  • Friendly theft: Don’t get confused by its name. A friendly fraud is a term which describes individuals who falsely claim that they did not receive their goods or services and demand a refund. In such cases they get to keep their goods and refund as well. 

  • Clean fraud: A clean fraud is something which is hardest to come through. Fraudsters leave no marks or traces to commit fraud under guise using your payment information.

To keep yourself secure, you should make sure that your payment information is secure. Do not share card details, CVV or OTP with anyone else. I would suggest keeping a secure password to protect yourself from payment frauds.

Make secure bill and rent payments using NoBroker payment channel and win assured rewards Need help scrutinising legal documents, contact best lawyers for the job here Read more: What is NFC payment How to find cheque number What is an echeck

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