Payment fraud is a growing concern for e-commerce businesses worldwide, with losses due to online payment fraud doubling from 20 US billion dollars in 2021 to 41 US billion dollars in 2022, according to data analyzed by Statista. The trend is expected to continue, with projections estimating losses of 48 billion US dollars in 2023. Payment fraud occurs when a payment is made via an unauthorized transaction, without the approval of the owner of the card or bank account. There are various types of payment frauds, including card testing, triangulation fraud, friendly fraud, and alternative refunds. To prevent payment fraud, it is important to take proactive measures such as enforcing a strong login process, monitoring payments regularly, disabling guest orders, enabling rate limiting, and leveraging available resources like hosting providers and security providers. It is also important to stay alert and react quickly to any abnormal buying patterns on your website to minimize damages.
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