It’s a typical Monday morning. You’ve just brewed a comforting cup of tea and are about to dive into the weekend sales reports for your online store. As usual, business seems to be booming until a glaring anomaly catches your eye – an alarmingly high number of transaction reversals over the weekend. A sense of unease creeps in as you probe deeper, only to uncover a chilling truth. Your business has become the latest prey to an insidious form of fraud, chargeback fraud.

Picture a quaint, small town enveloped in the tranquility of a peaceful night. The only signs of life are flickering street lamps and the glow from the neighborhood automated teller machine (ATM). You spot someone approach the ATM, withdraw cash and walk away. It all looks so normal. What you don’t realize is that you have just witnessed a fraud attack, specifically, transaction reversal fraud (TRF).

VANCOUVER, B.C. June 15, 2023 – BC Tech is proud to announce the finalists across 9 Technology Impact Award categories who achieved exceptional success in the past year. As BC Tech celebrates the 30th Anniversary of the Technology Impact Awards, this year’s awards celebrates 30 years of innovation in BC.

You’re in your favorite coffee shop, which you’ve frequented for years. The barista knows your order by heart – a medium, iced, sugar-free vanilla latte with soy milk. As you pay for your coffee, you casually chat with the staff about the weather, completely oblivious that you’ve just been the victim of fraud.

Scott McClallen – Staff Reporter – The Center Square (The Center Square) – Nationwide, electronic benefits transfer fraud is estimated to cost taxpayers up to $4.7 billion annually, according to the Government Accountability Office. In 2022, the Supplemental Nutrition Assistance Program distributed over $113.7 billion to nearly 22 million households. The federal government entrusts states to reduce fraud in safety net programs. In March, the U.S.

For many financial institutions and retail businesses, there is a need to balance the risks associated with payment fraud and advanced persistent threats against the economic imperative to provide excellent customer experiences in a competitive market. When good users are mistakenly flagged as fraudsters and can’t access payment services, customers get angry and brands lose revenue. These false declines result in lost customers, damaged reputation and lower revenue.

Back in 1939, Henry Wallace, the American Secretary of Agriculture, created the Food Stamp Program. It was designed to supply surplus agricultural commodities to American families in need during the Great Depression. People who received public assistance could get stamps that were then used to purchase food. The program underwent several iterations in the 1960s, ’70s, and ’80s until finally, in 1984, the first Electronic Benefits Transfer (EBT) system was introduced.

In our last blog, we looked at 2022’s most prominent global payment fraud trends, including application fraud and synthetic identities, bot-driven DDoS attacks, brute force BIN attacks, and authorized push payment fraud. We also discussed the convergence of cybercrime and payment fraud as cybercriminals constantly look for new ways to exploit payment networks by distracting infosec teams with cyberattacks while they launch fraud attacks.

Payment fraud was at an all-time high ‍in 2022, as hackers and scammers took advantage of increasingly sophisticated techniques to access and exploit payment networks. Let’s look at some of the lessons to be learned from the global payment fraud trends of 2022.

It’s that time of year again – the holidays are here, and everywhere you turn, you see the hustle and bustle of consumers eagerly (or desperately) searching for the perfect gifts to put under the tree. Unfortunately, the holiday season isn’t just for shoppers; it’s also prime time for financial fraudsters looking to conduct holiday season fraud. According to a 2020 survey by Experian, one in every four U.S. consumers reported they fell for a fraud scheme during the holidays.