Visa Boosts Holiday Shopping Safety, Blocking 85% More Cyber Monday Fraud

Visa’s significant investments in fraud prevention have proven successful this holiday season, as the company intercepted nearly 85% more suspected fraud globally on Cyber Monday compared to the previous year. The surge in fraudulent activity, with suspected fraud rising by 200% over the holiday weekend, can be partly attributed to fraudsters increasingly leveraging artificial intelligence (AI) to carry out their scams.

Visa’s efforts to combat this rising threat have proven effective. Paul Fabara, Visa’s Chief Risk and Customer Service Officer, emphasized the importance of technology in these efforts, saying, “As fraudsters increasingly use artificial intelligence, so do we, and it’s paying off.” Visa’s investments in cutting-edge AI and machine learning tools have allowed the company to detect and block fraud attempts before they reach consumers.

In the last five years alone, Visa has committed $11 billion to enhance its fraud prevention technology. With shoppers flocking to both physical stores and online platforms during the busy holiday season, fraudsters are also active, trying to exploit new methods to defraud consumers. However, Visa’s technology has been up to the challenge.

The company’s advanced AI capabilities, such as the Visa Account Attack Intelligence Score introduced earlier this year, play a critical role in preventing fraud. This tool uses generative AI to identify and stop fraudulent activities before they can affect shoppers, ensuring peace of mind for consumers wherever they choose to spend their money.

Visa’s fraud prevention measures are particularly crucial during the holidays, as the season sees an increase in online and in-store shopping. Visa’s annual Holiday Threat Report, which was released last month, highlights the growing fraud risks and offers tips to consumers on how to shop safely. Although Visa blocked $40 billion in suspected fraudulent transactions in the previous year, the company encourages consumers to remain vigilant and stay informed about potential threats.

Visa’s ongoing commitment to combating fraud aligns with its broader mission to create a secure and reliable global payment network. The company remains steadfast in its goal to ensure that everyone can make payments and receive money safely, whether they’re shopping at home, on the go, or in-store.

To learn more about Visa’s fraud prevention efforts and how it works to safeguard consumers around the world, visit Visa.com/security.

About Visa

Visa (NYSE: V) is the world’s leading digital payments company, enabling transactions for consumers, merchants, financial institutions, and government entities in over 200 countries and territories. Visa’s mission is to connect the world through an innovative, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive. Visa believes that providing access to payments is fundamental to the future of money and that a connected economy improves life for everyone. For more information, visit Visa.com.

Data Source:

  • Visa authorization data, global, 2 December 2024 compared to 27 November 2023.
  • Visa authorization data, global, 29 November 2024 – 2 December 2024 compared to 24 November 2023 – 27 November 2023.

Disclaimer: This translation is for convenience only. Please refer to the original version for legal purposes.

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