Payment fraud is not just a big-bank problem anymore. At a recent ETA Risk, Fraud, and Security forum, industry experts sounded the alarm: organized crime networks are becoming more global, more coordinated, and more tech-savvy than ever. And that puts every business that processes card payments at risk — including your auto repair shop.
The Threat Is Evolving Fast
According to Adam McLaughlin of Fenergo, who addressed the forum, today’s criminal organizations “operate seamlessly across borders, leveraging digital assets and complex laundering techniques.” These are not small-time scammers. They are sophisticated networks that use the same technology powering legitimate business to commit fraud at scale.
The problem? Many financial institutions are still “siloed, fragmented, and reactive” in their approach to fighting fraud, while the criminals they are up against are anything but. Disconnected data systems, limited collaboration between organizations, and inefficient manual processes create gaps that bad actors exploit every day.
Why This Matters to Your Shop
You might think organized payment fraud is something only banks and giant retailers need to worry about. But fraud in the payment ecosystem affects everyone in the chain. When criminal networks compromise payment data or execute large-scale fraud schemes, the costs ripple outward — higher interchange fees, tighter security requirements, and increased liability for merchants.
For small businesses, even a single data breach or fraudulent transaction can mean chargebacks, lost revenue, and damaged customer trust. That is why working with trusted payment technology partners who prioritize security is so important.
What the Industry Is Doing About It
The experts at the ETA forum outlined several key strategies the payments industry needs to adopt:
Breaking down silos. Financial institutions and payment companies need to share information across borders and across organizations. As McLaughlin put it, “Criminals collaborate globally. Financial institutions must do the same.”
Leveraging AI. Artificial intelligence and integrated data systems can detect suspicious activity faster and more accurately than manual review ever could. The industry is investing heavily in these tools to stay ahead of evolving threats.
Proactive risk management. Instead of reacting after fraud happens, companies need comprehensive risk frameworks that identify vulnerabilities before they are exploited.
Protecting Your Business
While the big players work on industry-wide solutions, there are practical steps you can take right now to protect your shop:
- Use a PCI-compliant payment processor and keep your terminal software updated
- Train your staff to recognize suspicious transactions
- Monitor your statements regularly for unauthorized charges
- Work with a payment solutions provider that takes security seriously and keeps you informed about emerging threats
Looking Ahead
The payments industry is at a turning point when it comes to fraud prevention. The scale and sophistication of organized crime means the old playbook is not enough anymore. But the good news is that the industry recognizes the problem and is investing in the technology and collaboration needed to fight back.
For shop owners, staying informed and choosing the right payment partners are two of the best defenses you have. The threats are real, but so are the solutions.