Retail Fraud
This type of fraud occurs when a customer buys an item, uses it, and returns it for a refund
Wardrobing
Fraudsters steal your phone number by convincing your carrier to transfer it to a different SIM
SIM Swap Fraud
Copying card data from a physical card is called this
Skimming
Claiming for a device that was never damaged is called this
Fake Damage Claim or insurance fraud
This term describes stealing someone’s login credentials to access their account
Account Takeover (ATO)
In this type of fraud, fraudsters use stolen credit cards to buy goods online without physical cards
Card Not Present Fraud
Sending fake texts to trick users into clicking malicious links is called this
Smishing
Fraudsters create fake identities to open credit accounts
Synthetic Identity Fraud
Fraudsters buy multiple policies and claim on all for one loss
Duplicate Policy Exploitation or Double Dipping
Fraudsters send fake emails pretending to be legitimate companies
Phishing
This scam involves creating fake websites that mimic real retailers
Website spoofing
Fraudsters trick carriers into porting numbers to new SIM cards without authorization
Port-Out Fraud
This fraud involves merchants processing transactions for illegal businesses
Transaction Laundering
Submitting fake receipts for coverage is known as this
Fake Proof of Purchase, Altered Documents
The customer falsely claims their order never arrived, and requests a refund while keeping the product that was delivered
Item Not Received (INR) Fraud
When fraudsters exploit promo codes repeatedly, it’s called this
promotion abuse, promo code exploitation, or coupon fraud
Using using fake mobile apps to steal data is called this
Mobile Malware Fraud (mobile phishing)
Fraudsters repeatedly guess card numbers until they find a valid one
BIN Attack Fraud
Pretending a stolen device was insured when it wasn’t is called this
Ghost Broking
Fraudsters exploit refund processes without returning items
Refund Fraud
Fraudsters that use bots under this name to purchase, hold, and resell inventory at higher prices
Scalper Bots or Reseller Bots
Signing up for service with fake identities is known as this
Subscription Fraud
Disputing legitimate charges to get money back is called this
Friendly Fraud or chargeback fraud
Inflating repair costs to maximize payout is this fraud
Inflated Repair Costs or Padding
Combining real and fake information to create a new identity is called this
Synthetic Identity Fraud