Data fraud remains one of the payment industry’s biggest challenges. According to a recent report from the Association of Financial Professionals, nearly 80% of merchants that process payments online are hit by a data fraud in a year, the highest among alternative payment methods.

Only about 50% of organizations encounter check frauds, for instance, while wire fraud is reported by just over 40% of organizations. It shows the scale of work that lies ahead for both payment processors and merchants.
What’s worse, today’s payment frauds take many forms, most of these being organized crime-like syndicates. A syndicate can include professionals with high-level coding skills, money mules, and fraud specialists with access to stolen credentials, fraudulent SIM cards, and hacked smartphones.
Together, these people can form an advanced network of fraudsters, with diverse and cutting-edge skills and tools, capable of planning and executing data breaches on a large scale.
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