Visa’s Spring 2024 Threats Report unveils a surge in scams targeting individuals and organizations globally, fueled by the increasing sophistication of scammers and their exploitation of vulnerabilities in the payments ecosystem.
20 March 2024 – Visa has unveiled its Spring 2024 Threats Report, shedding light on the escalating threats facing consumers and businesses worldwide in the realm of payment security. The report emphasizes the growing sophistication of scammers, who are increasingly targeting individuals and exploiting vulnerabilities in the payments ecosystem.
According to Visa’s Chief Risk and Client Services Officer, Paul Fabara, the use of emerging technologies like Generative AI has made scams more convincing, resulting in unprecedented losses for consumers globally. Despite a decrease in reported scam instances, the total financial impact has surged, with consumers falling victim to sophisticated schemes such as “pig butchering” and inheritance scams.
The report also highlights an alarming rise in organizational fraud operations, including targeted attacks on supply chains and the adoption of AI by fraudsters to exploit vulnerabilities in bank fraud controls. As ransomware cases spike and threat actors target critical infrastructure, Visa underscores the urgent need for collective vigilance and robust cybersecurity measures across the payments ecosystem.
