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Vendor fraud is a type of financial abuse that occurs when fraudsters pose as legitimate businesses to trick companies and individuals into paying for services they’ll never receive. These schemes exploit organizations, putting their victims at risk for financial and reputational losses. Moreover, the occurrence of vendor fraud has been rising in the last few years.

Discover a charge on your credit card that you don’t recognize. It could be from a card cloning event. Card cloning predominantly affects credit cards, but this phenomenon may also impact some payment platform cards (like those from PayPal or Zelle). In short, card cloning occurs when the card’s magnetic strip or chip is used in unauthorized transactions. Credit card cloning is a form of fraud, but it differs from others in its more nuanced elements.

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Credit and debit cards are vital for online purchases in today’s digital environments, but that doesn’t mean they’re safe from misuse. In 2024, an estimated $10.6 billion was lost due to card-not-present fraud, which accounts for some of the most prevalent scams globally. Card-not-present fraud, or ‘CNP’ fraud, negatively impacts consumers and businesses, causing financial losses and reputational damages.