What You Need To Know About Electronic Payments Fraud - Tips From KeyBank
CLEVELAND, OH / ACCESS Newswire / May 21, 2026 / Electronic payment systems make it easier than ever to manage money-but they also present opportunities for cybercriminals. Electronic Payments Fraud occurs when criminals exploit online banking tools, merchant payment systems, and peer‑to‑peer platforms such as Zelle® and PayPal® to steal funds or sensitive financial information.
Understanding how these fraud schemes work is the first step toward protecting yourself. Below KeyBank is sharing information about the most common types of electronic payment fraud, how they occur, and steps you can take that can help safeguard your accounts.
Common Types of Electronic Payments Fraud
1. Stolen Online Card Information
What it is
Fraudsters steal debit or credit card details and use them to make unauthorized purchases or obtain cash advances.
How it happens
Criminals may:
Hack into online platforms where card data is stored
Use phishing emails or texts to deceive victims into revealing card information
Employ social engineering tactics or card‑skimming devices to capture account details
2. Wire Fraud
What it is
Victims are tricked into sending money directly to a fraudster via wire transfer-often with little chance of recovery due to the speed of these transactions.
How it happens
Scammers frequently impersonate trusted individuals or legitimate businesses and fabricate urgent scenarios (such as legal issues, emergency payments, or compromised accounts) to pressure victims into sending funds immediately.
3. Account Takeover (ATO)
What it is
A fraudster gains unauthorized access to an account and uses it to conduct fraudulent activity. While financial accounts are common targets, email, e‑commerce, and social media accounts are also at risk.
How it happens
Account takeovers often result from:
Phishing emails or fake login pages
Malware infections
Reused passwords across multiple websites-especially if one of those sites has been compromised
4. Payment App Fraud
What it is
Victims are deceived into sending money through payment apps such as Zelle® or PayPal®, believing the recipient is a trusted person or legitimate business.
How it happens
Fraudsters may:
Impersonate known contacts
Create fake profiles or spoof account details
Exploit urgency or emotional manipulation to prompt quick transfers
Protecting Yourself: KeyBank's Fraud Prevention Best Practices
Taking proactive steps can significantly reduce your risk. KeyBank strongly recommends the following safeguards:
Never share sensitive information such as passwords, PINs, or credit card numbers with unknown or unverified sources
Create strong, unique passwords with at least 15 characters, mixing upper‑ and lowercase letters, numbers, and symbols
Enable two‑factor authentication (2FA) on all eligible accounts
Monitor your accounts regularly for unauthorized transactions or unusual activity
Review your credit report on a routine basis to detect suspicious changes
Only enter payment information on trusted websites and avoid unfamiliar checkout pages
Avoid clicking suspicious pop‑ups, links, ads, or email attachments, especially from unknown senders
Use secure Wi‑Fi networks when accessing financial accounts
Shred documents containing personal or financial information before disposal
Stay informed about emerging fraud tactics and cybersecurity best practices
KeyBank clients: Activate account alerts through online and mobile banking to receive real‑time notifications of account activity
What to Do if You Suspect Fraud
If you believe you may be a victim of electronic payments fraud, contact your bank immediately. Early action can help limit losses and protect your accounts.
KeyBank clients should contact the KeyBank Fraud Client Service Center at 1‑800‑433‑0124. Dial 711 for TTY/TRS.
To learn more about fraud prevention tools, resources, and safe banking practices, visit the KeyBank Fraud Protection Center at Key.com/fraud.
This document is designed to provide general information only and is not comprehensive nor is it legal advice; particular situations may require additional actions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. KeyBank does not make any warranties regarding the results obtained from the use of this information. All rights reserved. All trademarks, service marks, and trade names referenced in this material are the property of their respective owners.
Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC, and are used herein under license. Venmo is a registered trademark of PayPal, Inc.©2026 KeyCorp®. All rights reserved. KeyBank Member FDIC. CFMA #260513-4465728
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Contact Info:
Spokesperson: KeyBank
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Email: [email protected]
SOURCE: KeyBank