Payment Fraud Predicted to Dramatically Accelerate

Earlier this year the International Security Ligue published its report ‘Fraud in Cash and Electronic Payments: Taxonomy, Estimation and Projections’.

Based on data gathered in a broad range of countries between 2014-18, it provides an interesting and comprehensive classification of payment fraud alternatives, and also offers an estimation of the value of fraud with different cash and card payment options, as well as delving into the increasingly popular options of contactless and cryptocurrency.

The authors of the report – Santiago Carbo-Valverde (Professor of Economics and Finance at the Bangor Business School in the UK and of CUNEF Business School in Madrid, Spain) and Francisco Rodriguez-Fernandez (Professor of Economics at the University of Granada in Spain) – draw an interesting distinction concerning fraud; fraud connected to tax evasion but originating from a legitimate activity (otherwise known as the underground economy), or fraud attached to illegal and non-productive activities.