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Customer Fraud
Customer fraud refers to deceptive practices carried out by customers to unlawfully obtain money, goods, or services. This can include activities such as using stolen payment information, returning used items for refunds, or falsely claiming failed delivery of goods.
Customer fraud can significantly impact businesses by causing financial losses, increasing operational costs, and damaging reputations. To combat customer fraud, businesses employ strategies including verifying customer identities, monitoring transaction patterns, and implementing robust return and refund policies. By detecting and preventing fraudulent activities, companies can protect their revenue and maintain trust with legitimate customers.
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