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What is fraud in payment systems?


What is fraud in payment systems and what are the most used payment methods?


Fraud in payment systems can be defined as, illegal activities that are carried out to achieve a product or service without paying the debt, for example:

  • The most widespread fraud in cash, is counterfeit money
  • The most typical fraud that occurs in wire transfers is to impersonate the bank account holder to transfer the money to another account.
  • The most typical fraud in WU and MoneyGram takes place when you send the money and but don't receive any product or service in return.
  • The most widespread fraud when paying by checks is counterfeit.
  • The fraud that affects crypto-currencies is to try to steal the e-wallet from the owner and then transfer crypto to another account.
  • The typical fraud that occurs in Virtual POSs is the cloning of fake cards, credit cards and the theft of card data.

Payment methods are assets with economic value that are used to pay debts contracted with natural or legal persons. The most used payment methods on the Internet are:

  • Cash 
  • Wire transfers
  • Western Union or MoneyGram
  • Checks
  • Cryptocurrencies
  • Virtual POS

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