Visa announced that its anti-fraud systems blocked nearly 85% more suspected fraudulent transactions worldwide on Cyber Monday this year compared to the same day last year.
This year, suspected fraud surged 200% around the world during the holiday season, with fraudsters increasingly turning to advanced AI tools to target both physical and digital transactions.
Payment giants are responding by deploying proprietary artificial intelligence and machine learning technology to detect and prevent fraud before it occurs, no matter where or how consumers shop. did.
visa has invested $11 billion in technology to combat fraud over the past five years, including the development of tools such as the Visa Account Attack Intelligence Score.
Launched earlier this year, the solution leverages generative AI to prevent account takeovers and other types of fraud across shopping platforms.
The company is also actively working to raise consumer awareness.
Last month, Visa released its annual Holiday Threat Report, highlighting rising trends in fraud and offering tips for safer shopping during the holiday season.
Last year alone, Visa blocked US$40 billion worth of suspected fraudulent transactions around the world.
“Criminals are increasingly using AI, but so are we, and it’s paying off.
As seen at the kickoff of the holiday shopping season, Visa continues to thwart further fraud by these bad actors and continue our mission to ensure that everyone, everywhere can pay and get paid in the most secure way. I’m doing it. ”
Paul Fabara, Chief Risk and Customer Service Officer at Visa, said:
Featured image credit: Edited from freepic
