| Term | Definition |
|---|---|
| First-Party Fraud |
First-party fraud occurs when a cardholder disputes a legitimate transaction on their account by giving the bank false information, whether knowingly or unknowingly. This type of fraud may also be referred to as friendly fraud or chargeback fraud. The term first-party fraud is also sometimes used to describe situations where a fraudster opens a new financial account using false identification information. Read more >>> |
