Today, Visa released the Spring 2024 Edition of its Biannual Threats Report, which outlines the top payment threats impacting consumers and businesses around the world. The report points to increasing...
Visa highlights a more savvy scammer in its Spring 2024 Threats Report
SAN FRANCISCO: Today, Visa released the Spring 2024 Edition of its Biannual Threats Report, which outlines the top payment threats impacting consumers and businesses around the world. The report points to increasingly organized, sophisticated threat actors targeting the most vulnerable point in the payments’ ecosystem: humans.
“With the use of Generative AI and other emerging technologies, scams are more convincing than ever, leading to unprecedented losses for consumers,” said Paul Fabara, Chief Risk and Client Services Officer, Visa. “Visa is uniquely positioned to address these threats, with investments in tech and innovation reaching over $10 billion over the past five years. These investments, in addition to our ongoing education and top talent, allow us to stay ahead of scams and protect consumers.”
Individuals as a Primary Target
Consumers are increasingly targeted by scammers, who rely on heightened emotions to create fraud opportunities. While the number of individual scam reports from June to December decreased, the total money lost increased, indicating scammers are targeting victims with more effective – and costly – scams. According to another recent Visa survey, more than one-third of adults surveyed decided not to report scams committed against them1, suggesting the losses are higher than reported.
Top consumer scams highlighted in the Spring Threats report include:
“Visa has a dedicated team that works around the clock globally to monitor and disrupt the tactics bad actors use to commit fraud,” said Fabara. “With our average time between identifying and shutting down an attack measured in minutes versus hours or days, we are doing all we can to help keep consumers safe. We hope building awareness of these emerging scams will help consumers fight fraud as another line of defense in the battle against fraudsters.”
Increasingly Organized Fraud Operations
In addition to cardholders, threat actors are continually probing organizations and networks for complex weaknesses, leveraging new technologies to exploit vulnerabilities with far-reaching impacts.
Organizational fraud trends impacting the ecosystem include:
Through the close integration of people and technologies, Visa has developed processes to mitigate and prevent payments ecosystem attacks. Visa engages with all payment ecosystem participants to ensure any at-risk data is identified and impacted stakeholders are notified.
To read more of the report, visit visa.com/security. To find out more about the tools Visa uses to help organizations of all sizes fight fraud, visit the Intelligent Security page.
About Visa
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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1 | Consumer Scam Report, Visa and Morning Consult, March 2024 | |
2 | US Financial Crimes Enforcement Network, September 2023 | |
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Fonte: Business Wire
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