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Receipt fraud

Retailfirms have been losing over £500K per month due to bogus payments, and the loss happens due to misrepresented vouchers, goods and accounts takeover. The abilities of cybercriminals are advancing due to higher digitalisation, and now they can conduct organised and extensive schemes and make advanced targets. They are not only conducting scamsbut have set up services to help such activities. 

How Does It Happen?

  • When a firm offering the product or services adjusts the award money or discount in the overall costs and does not give the client any incentives or rewards, it is receipt fraud. It can happen when certain people steal or forge the bills to claim a higher amount from the retailers. 

  • Numerous vendors advertise fake receipts for sale. Such men produce counterfeit bills in various formats, including the physical store, packing slips, and digital documents. 

  • Such fake documents are offered at a low price (e.g. $10), targeting retailers who sell technology products. In addition, bogus sellers sometimes target a variety of firms where they modify the tactics, procedures and techniques as per the customer demand. 

  • Fake receipts can be used by criminals to demonstrate purchases from the sellers without buying any product, and one can use them to return stolen items in exchange for money. Additionally, it is used to make bogus claims about the replacement or refund where one may not have ever purchased the product.

Date Published: Jan 29, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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