Visa has announced that its newly formed fraud-fighting division has successfully intercepted fraudulent activity worth more than $350 million in 2024 alone.
Operating within Visa’s Payment Ecosystem Risk and Control (Perc) unit, the team consists of AI engineers, data analysts, ex-law enforcement professionals, military intelligence experts, and cybersecurity specialists — all collaborating to dismantle complex fraud schemes.
“Over the last five years, we’ve invested more than $12 billion in security technologies — but our people are our greatest strength,” said Paul Fabara, Visa’s Chief Risk and Customer Experience Officer. He emphasized the importance of combining proprietary tools with human insight.
Using generative AI for correlation mapping and deep data visualization, the team recently uncovered a vast phishing scheme involving fake ID verification pages on dating websites. Victims were lured into providing sensitive information, which enabled recurring unauthorized charges.
By linking transactions with IP data and using advanced analytics, Visa traced and dismantled the entire network — shutting down nearly 12,000 websites and preventing over $37 million in fraud losses. The company also works closely with law enforcement and industry groups to spread best practices.
Source: visa.com