Payment Fraud

Payment fraud occurs when someone illegally uses another person’s payment information, such as credit card details, to make unauthorized transactions. This often involves theft or deception, aiming to gain financial benefits unfairly. Fraudsters may steal data through hacking, phishing, or other methods, then use it to buy goods, services, or withdraw money without permission. It can happen online or in person, causing financial loss and inconvenience for individuals and businesses. Preventing payment fraud requires strong security measures, vigilance, and prompt action if suspicious activity is detected.