A senior corporate executive stated that due to technological advancements, namely in artificial intelligence (AI), Visa (VN) was able to thwart 80 million fraudulent transactions totaling $40 billion globally last year.
According to a senior business official on Tuesday, Visa (VN) stopped 80 million fraudulent transactions worth $40 billion globally last year because of advances in technology, particularly artificial intelligence (AI). Cybercrime is expected to cost the global economy $10.5 trillion by 2025. This would be the third-largest economy in the world if it were a country’s GDP, according to Charles Lobo, Regional Risk Officer for Visa in Central and Eastern Europe, the Middle East, and Africa.
This occurs as con artists employ new strategies to deceive gullible customers and companies in a world where technology is advancing at a rapid pace. In order to safeguard clients and customers against fraudulent behavior, the largest payment processor in the world has spent over $10 billion in technology over the last five years, $500 million of which has gone toward artificial intelligence and data infrastructure.
How have those investments helped us in the past year alone? Forty billion fraudulent transactions have been stopped by us. That’s 80 million transactions avoided,” Lobo said in Johannesburg, South Africa, during a Visa payment security conference. Even still, a lot of horrible things are still happening,” he continued.
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