Four Ways Fraudsters Are Taking Their Tactics to New Levels

2020 unleashed more than a pandemic—it also precipitated an epidemic of eCommerce fraud. As merchants experienced 25-30% increases in card-not-present (CNP) transactions during the pandemic, fraudsters capitalized. Although “friendly” chargeback and refund fraud was prevalent pre-Covid, fraudsters have elevated these types of fraud to almost an art form. In addition to losses created from cardholders’ attempts to refund transactions, organized networks of professional fraudsters are working full time—with legitimate cardholders or cardholder data—to bilk merchants, payment card companies, banks, and consumers of billions of dollars.