ALL ABOUT ONLINE PAYMENTS
You all know how profitable online payments are in this generation. The Types of online payment providers are Paytm, Google Pay, MasterCard, Mobikwik, etc. All this is very beneficial for the businessman. Nowadays the businessman doesn’t visit or go anywhere with much cash, they all now send from their account to many other accounts as per their requirements. Its use is now more since COVID-19 because now no businessman wants to do cash transactions now because of safety.
The first time, in the 1870s electronic payments, started when Western Union debuted the electronic fund transfer (EFT) in 1871. This news was profitable for some people and for some people it was completely unknown. Then slowly the time passed, then everyone knows how necessary it is. Many business people know this and started using it to transfer their payments. The biggest fraud in history is incomplete without taking the name of Ponzi Schemes. Charles Ponzi was arrested for the charge almost a century to the day. Finally, he earned his comeuppance on August 12, 1920.
6 Most common Online Payment Fraud
- Identify Theft
- Business E-mail Compromise
- Website Takeover
- Payment Interception
- Code or Password Hacking
- Refund Frauds
After some time, there was an announcement of an online app, founded in 1998, PayPal is among the world’s first online payments companies and has established a strong global presence over the year. Many people have gotten help due to online payment apps; some people have to do small transactions like paying for food in a restaurant and if you go to any shop and buy something, then you can buy online, and there are many such things that you can buy by paying the small amount online through many online payment apps.
Avenues to Applications Fraud
- Synthetic Identify Theft
- Web Scraping Software
- Location/GPS Spoofing
- Call Center Attacks
- Bots/Botnets
Bust Out Fraud
