PSPs saw a 169% increase in payment fraud rates in 2021*
Fraud in this space is calculated based on the combined abuse rates reported by merchants served by Sift’s PSP customers. In researching these trends, our Data Scientists uncovered a key theme: fraudsters follow the money. While PSPs must be prepared for payment fraud via stolen credit cards, even greater consideration is needed concerning collusion via fraudulent merchant accounts as the loss potential is much greater. *Source: Sift data