How fraud keeps growing
On the rise of first party fraud
Fraudster (noun) chiefly British English
A person who commits fraud
The word fraudster first appeared in 1975 in the Financial Times (London).
Post Synopsis: Fraud in online payments is a big problem. It costs businesses and card issuers billions of dollars a year. The biggest problem in fraud is now so-called first-party fraud - this is user-instigated fraud. Yet most of us don't think we commit fraud, at least knowingly so. Read on to find out how fraud is changing, and we all may be part of the issue.
The Fraud Problem
Fraud sounds serious, and it is. The maximum sentence in the UK for successful fraud prosecution is ten years in prison. But a sentence of this length - or anywhere near it - only applies in cases where the fraud involves a high value. For a sentence of ten years, the value of fraud would need to be in the millions of pounds.
In online payments, the average value of a single fraud case is in the low hundreds …
