https://firstpartyfraud.com/ Notes on risk, deception, and incentives — starting from first-party fraud. en https://firstpartyfraud.com/friendly-fraud-is-a-pricing-problem.html https://firstpartyfraud.com/friendly-fraud-is-a-pricing-problem.html Sun, 13 Sep 2026 00:00:00 GMT Dispute channels have prices. When the bank's channel is cheaper than the merchant's, customers — including honest ones — route through the bank. First-party fraud as incentive-design failure.