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Fraud in electronic payment transactions: threats and countermeasures

The rapid growth of internet over the past several years has increased the use for Electronic business (e-business). E-business is done online without face to face interaction. Several Electronic payments (e-payments) systems have been developed and are increasing used in ebusiness. This has given birth to electronic frauds (e-frauds) and it has become a major problem in the electronic payment system. As internet increases business opportunities, there are new fraudulent and sophisticated techniques being developed by fraudster. For the merchant managing frauds has been major and growing cost. This paper provides an overview on epayment frauds. It presents statistics on actual payment frauds and revenue loss due to frauds. Several measures for fraud detection and prevention are discussed. The scope of this research is to minimize the fraud in e-payment transaction and also the revenue loss by taking the detective and preventive measures.

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