Today, Visa Inc. (NYSE:V), a world leader in digital payments, released the Fall 2023 edition of its Biannual Threats Report which highlights emerging fraud schemes targeting the global economy. This edition showcases a significant rise of phishing schemes proliferated through generative AI tools, and a marked increase in enumeration and ransomware. The report also shows how Visa is working with law enforcement around the globe to bring perpetrators of fraud to justice.
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While the global fraud rate trended lower than normal expected fraud levels during the report’s time period (January – June 2023), Visa shared that it helped to proactively block $30 billion in those time periods. However, threat actors were successful in conducting targeted and sophisticated fraud schemes impacting specific institutions, technology, and processes. Highlights of the report’s findings include:
Retail-specific schemes saw a measurable uptick during the past six months, including:
“While we are pleased by the lower-than-expected fraud rate over the last few months, this edition of the Biannual Threats Report continues to underscore just how savvy fraudsters continue to be,” said Paul Fabara, Chief Risk Officer at Visa. “The same way criminals take advantage of technology advances, so does Visa, and the $30 billion of fraud prevented in the last six months alone is a great testament to that.”
While the threat landscape is more complicated than ever, consumers can take solace in the ways Visa is working to protect them. Visa Payment Fraud Disruption's efforts over the past six months have resulted in significant crackdowns on cybercrime activities with help from global law enforcement and government agencies.
Visa also helped bring fraudsters to justice around the world. In May 2023, the US Secret Service took down a major cybercrime platform called Try2Check. Its administrator, Denis Gennadievich Kulkov, faces 20 years in prison. A local enforcement action called Operation Urban Justice was launched in California targeting Electronic Benefit Transfer (EBT) fraud, which led to the arrest of 20 suspects believed to be part of an Eastern European crime syndicate. In April 2023, an international law enforcement coalition led the Genesis Market Takedown, arresting 119 people involved with the cybercrime platform.
From Visa’s Risk Operations Center, which triages and analyzes real-time transactions globally around the clock to ensure threats, are identified appropriately, to Visa’s Payment Threat Intelligence team which compiles robust information about the threats targeting the economy, to Visa’s Risk and Identify Solutions, which help improve authentication technology and reduce false declines, Visa is constantly working to ensure the global economy is safe.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
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Meg Omecene
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