Payment scams are projected to increase to $3 billion by 2027, emphasizing the need for proactive measures to identify and prevent various types of transaction fraud. Transaction fraud occurs when individuals or businesses are deceived during financial transactions, often through stolen or fake information, leading to unauthorized purchases and financial losses. It involves stages such as data theft, information use, system exploitation, manipulation, and monetization, with techniques like phishing, malware, and account takeovers being common. Effective fraud detection and prevention strategies include real-time monitoring, data verification, anomaly detection, and employing advanced technologies like machine learning and multi-factor authentication to safeguard against these threats. Recognizing patterns of suspicious activity, such as unusual transaction behaviors, spikes in traffic, or chargebacks, can help businesses protect their assets and maintain customer trust. Key preventive measures involve using reputable payment processors and sophisticated technologies like device intelligence and AI to enhance security and minimize risks associated with fraudulent activities.