Payment fraud remains a significant challenge for the financial services industry, exacerbated by the increasing reliance on digital transactions and the sophisticated tactics employed by fraudsters. The European Central Bank and the European Banking Authority reported a €2.0 billion loss to payment fraud in the European Economic Area in the first half of 2023, while the U.S. saw a notable rise in fraud incidents in 2024. Common forms of payment fraud include account takeover, card-not-present fraud, credit card testing, check fraud, and business email compromise, all of which can lead to substantial financial losses, reputational damage, and regulatory fines for financial institutions. To combat these threats, it is crucial for banks and financial services to adopt a multifaceted approach that includes educating employees and customers, implementing multifactor authentication, setting up automated transaction alerts, and utilizing device intelligence. These strategies help to detect and prevent fraud by ensuring robust security measures are continuously updated to counteract the evolving techniques of fraudsters.