
Visa’s ongoing investment in fraud prevention technology has yielded significant results this holiday season, with the company blocking nearly 85% more suspected fraud on Cyber Monday compared to last year. This achievement comes amid a global surge in suspected fraudulent transactions, which saw a dramatic 200% increase over the holiday weekend. Much of this rise in fraud is attributed to the growing use of AI by fraudsters, but Visa’s advanced defenses, including AI-driven tools, have kept pace with these threats.
Paul Fabara, Chief Risk and Client Services Officer at Visa, commented, “Although crooks are using AI more and more, so are we. And that’s paying off.” This reflects Visa’s strategic focus on leveraging cutting-edge technology to prevent fraud and protect consumers. Over the last five years, Visa has invested $11 billion into developing state-of-the-art fraud prevention systems, enhancing its ability to combat increasingly sophisticated scams.
Visa’s AI and machine learning tools have played a crucial role in identifying and stopping fraud attempts before they can succeed. One of the key innovations in Visa’s fraud prevention efforts is the Visa Account Attack Intelligence Score, launched earlier this year. This tool utilizes generative AI to identify potentially fraudulent activities and stop them in real time, no matter where or how consumers are shopping. The result is a significantly lower rate of fraud compared to previous years, even as fraudsters employ more advanced techniques.
In addition to its real-time fraud prevention systems, Visa also works to educate consumers about potential scams. As part of its annual Holiday Threats Report, Visa outlined common scams that consumers should be aware of during the busy shopping season. The report also provides valuable tips for staying safe while shopping online and in stores. Visa encourages consumers to remain vigilant and be cautious of suspicious offers, particularly as they shop during the holiday season.
In 2023, Visa proactively blocked $40 billion in suspected fraudulent transactions. The company emphasizes that, while its advanced fraud detection technology is crucial, consumer awareness is equally important. By staying informed and recognizing the signs of fraud, consumers can help ensure their shopping experiences remain secure.
Visa’s commitment to security extends beyond the holiday season. The company continues to refine its fraud prevention systems, adapting to new threats as they arise. Visa’s fraud management solutions are designed to protect both consumers and merchants, offering a secure and seamless payment experience worldwide.
With its AI-powered tools and constant investment in security technologies, Visa is making significant strides in the fight against fraud. As fraudsters increasingly rely on AI and machine learning to carry out their scams, Visa is using the same technologies to stay one step ahead, protecting shoppers and maintaining trust in its payment network.
For more information about Visa’s efforts to prevent fraud, visit Visa.com/security.
About Visa
Visa (NYSE: V) is a global leader in digital payments, enabling secure transactions between consumers, merchants, financial institutions, and government entities in over 200 countries and territories. With a mission to connect the world through the most innovative, convenient, and reliable payments network, Visa strives to create an inclusive economy where everyone has access to the future of money movement. Learn more at Visa.com.