This year’s holiday shopping kicked off with a notable increase in attempts at online fraud during Cyber Monday, but Visa managed to block almost 85% more suspicious transactions globally compared to last year. This figure was achieved thanks to the company’s technology investments and the use of advanced artificial intelligence (AI) to protect consumers.
According to Visa data, fraud attempts rose by 200% during the holiday weekend, partly driven by the adoption of AI by cybercriminals, who use these technologies to enhance their attacks.
Artificial Intelligence: Key in the Fight Against Fraud
Visa has invested $11 billion over the past five years in cutting-edge technology tools to stop fraud before it occurs. During the holiday sales season, scammers took advantage of the massive influx of shoppers both in physical stores and on digital platforms, intensifying their activities.
However, the implementation of machine learning algorithms and innovative tools like Visa Account Attack Intelligence Score has enabled the company to proactively anticipate and curb fraud attempts.
Paul Fabara, Visa’s Chief Risk and Customer Services Officer, emphasized: “While cybercriminals are increasingly using AI, so are we. And it’s paying off. We remain committed to being the safest way to pay and receive payments for everyone, everywhere.”
Fraud Trends and Recommendations
Visa recently launched its annual Holiday Threats Report, which identifies the major fraud trends for the holiday season and provides recommendations for consumers to protect themselves. Among the most common methods used by scammers are:
- Phishing and account attacks: Fake emails and messages aimed at stealing confidential information.
- Use of AI for automated fraud: AI allows criminals to optimize large-scale attacks.
- Fake websites and merchant impersonation: Fraudulent offers designed to attract unsuspecting shoppers.
Security Measures for Consumers
While Visa proactively blocked $40 billion in fraudulent transactions last year, the company urges shoppers to take additional measures to protect themselves:
- Verify the legitimacy of online merchants before making purchases.
- Avoid sharing banking information via unsecured links.
- Use secure payment methods backed by anti-fraud technologies.
A Global Commitment to Security
Visa continues to position itself as a global leader in digital payments, facilitating transactions in over 200 countries and territories. The company remains committed to ensuring that purchases are safe and reliable, especially during high commercial activity periods like the holiday season.
For more information on Visa’s fraud prevention tools, consumers can visit Visa.com/security.
Conclusion
The increase in fraudulent activity during Cyber Monday confirms the growing sophistication of cyberattacks. However, Visa’s investments in artificial intelligence and advanced technologies are proving effective in protecting consumers worldwide. In a scenario where digital commerce continues to expand, payment security remains a key priority for Visa and for the future of online transactions.