Online Payment Transaction Fraud

Online payment transaction fraud using plastic money card is a very crucial topic because of global financial implications. Although, the share percentage of online payment transaction fraud is small, however, the global card fraud amount reaches amount trillions. As digital technology evolves, the fraud patterns of cybercriminals, hackers, or fraudsters evolve. The primary objective of cybercriminals, hackers, or fraudsters is to obtain monetary gains. Financial institutions and governments are actively working to identify and mitigate online payment transaction fraud by implementing numerous security measures. The chapter aims to protect online payment transactions against fraudulent transactions. In pursuing the same, the study finds the genesis behind online payment transaction fraud before addressing the issue and finding the solution to the problem. The reason behind studying online payment transaction fraud is to find a solution to online payment transaction fraud in the future and it should be capable enough to handle almost any online payment transaction fraud scenario. Therefore, this study analyzes the diverse patterns of fraudulent transactions and strategies behind committing online transaction fraud, aiming to find a robust solution for mitigating online payment transaction fraud in future and also spread the knowledge of online payment transaction fraud among users.