Large payments visa They tackled new fraud schemes and established specialized fraud disruption practices to protect consumers.
The new formal group operates under Visa’s Payment Ecosystem Risk and Management (PERC) division, preventing over US$350 million in attempts to fraud in 2024.
The effort is part of Visa’s broader fraud prevention strategy, blocking US$40 billion of fraudulent transactions across the network last year.
The Visa Scam Destruction (VSD) team employs three extension approaches to fraud mitigation: fraud intelligence, aggressive investigation, detection and confusion.
The team brings together law enforcement, military intelligence and data visualization experts to combine human insights with advanced AI tools to track and dismantle fraud networks.
Investigators use Visa’s proprietary network-level data and generative AI-driven correlation and graphical analytics to identify fraud patterns before they escalate.
Visa is also working with financial institutions, law enforcement agencies, intelligence reporting companies and industry working groups to close fraudulent operations and strengthen the ecosystem’s ability to detect fraud.
One of the biggest scams revealed by visas involved an unauthorized identity verification scheme.
The scammers have sent phishing links disguised as legitimate verification sites via dating platforms and registered victims of repeated claims cycles.
By analyzing transaction patterns and correlating IP data, Visa mapped a network of nearly 12,000 fraudulent merchants with similar fraud attributes.
The effort prevented losses of more than US$37 million and was referred to law enforcement for further action.
“Visa has invested over $12 billion in technology over the past five years, including reducing fraud and enhancing network security. At the same time, we have invested enormously in our people, our best weapon against fraudsters.
Combining our unique technology with the unique experience and perspectives that our talents bring, even the smartest con artists can more effectively identify and beat them. ”
said Paul Fabara, Visa’s Chief Risk and Client Services Director.
“There is usually no face in scams, but scams are personal. These scams have a direct impact on the lives of the victims and sometimes have devastating effects.
Visa is working with intelligence reporting partners, law enforcement and industry working groups to not only shut down these scammers, but also to ensure that other members of the ecosystem are also equipped to find the red flag themselves. ”
said Michael Jabbara, SVP and Global Head of PERC at Visa.
Featured Image Credits: Edit Freepik
