"Payment Fraud Linked to Terrorism and Trafficking"

In a new study, it was discovered that payment card fraud is being used around the world to fund and launder the proceeds from organized crime, drug and human trafficking, terrorism and more. Payment fraud caused over 1 billion dollars in losses associated with those 274 cases that were studied. It was also discovered that in North America, most payment care fraud was linked to identity fraud (33%), organized crime (32.5%), human trafficking (17.5%) and drug trafficking (15%). In Europe payment card fraud was linked to, organized crime (62%), drug trafficking (41%) and money laundering (41%).  Payment fraud is not just a fraud problem,  it should no longer be viewed as a non-violent crime, mere annoyance, or unfortunate cost of doing business.

Infosecurity reports: "Payment Fraud Linked to Terrorism and Trafficking"