Visa prevented 80 million fraudulent transactions worth $40 billion globally last year, thanks to significant investments in technology, including artificial intelligence (AI), according to a senior company executive. Charles Lobo, Regional Risk Officer for Visa in Central and Eastern Europe, the Middle East, and Africa, highlighted the growing threat of cybercrime, which is projected to cost the world $10.5 trillion by 2025. This staggering figure would position cybercrime as the world’s third-largest economy if it were measured by gross domestic product.
Scammers are continually evolving their techniques to exploit consumers and businesses in an increasingly digital world. Visa, the world’s largest payments processor, has responded by investing over $10 billion in technology over the past five years, including $500 million specifically for AI and data infrastructure to combat fraud.
“In just the last year, those investments have paid off significantly. We’ve blocked $40 billion in fraudulent transactions, preventing 80 million potentially damaging incidents,” Lobo stated at a Visa payment security conference in Johannesburg, South Africa.
Despite these efforts, Lobo acknowledged that fraud remains a pervasive issue, underscoring the need for continuous innovation and vigilance in the face of sophisticated cyber threats.
