The payments industry is undergoing rapid change, fueled by technological innovation and a growing appetite for seamless financial experiences. By 2028, global payments transaction values are predicted to reach almost $16.7 trillion. This expansion is good news for businesses and consumers alike, but it also brings new vulnerabilities and makes payments platforms increasingly attractive targets for fraudsters.
A recent report from Veriff shows that payment-related fraud is accelerating at a dramatic pace. In 2025, there was an 89% increase in attempted fraud within the payments sector, catapulting it from a moderate to high-risk environment. What’s behind this alarming trend? The rise of AI-driven threats is central, as fraudsters employ advanced tactics like deepfakes and digitally altered documents to bypass traditional security methods.
Understanding the risk landscape
Fraud in…
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These frauds exploit emotional vulnerability and trust rather than technical weaknesses.
- Romance Scams: Scammers build long-term online relationships with victims, eventually fabricating a “crisis” (medical emergency, legal trouble, or travel costs) that requires the victim to send money.
- Pig Butchering: A hybrid scam where the criminal builds a romantic or platonic relationship to eventually “tutor” the victim in a fraudulent cryptocurrency investment.