Digital Wallet Fraud

Digital wallet fraud refers to fraudulent activities that specifically target digital wallet services like Apple Pay, Paypal, Google Pay. Also known as mobile wallets or e-wallets, digital wallets are applications or platforms that allow users to store payment information, make online transactions, and conduct in-store payments using their mobile devices or other electronic devices. While digital wallets offer convenience and security, they can also be vulnerable to various types of fraud. Digital wallets obscure customer payment information and oftentimes don’t require standard authentication, making it easier for fraudsters to use stolen credit cards and harder for merchants to have the evidence they need to fight chargebacks.