Visa said that its anti-fraud disruption department saved potential victims of scammers $350 million last year.
The mentioned giant of the payment industry released information about the results of its scam disruption practice last Tuesday, March 11. This practice is part of the Visa’s Payment Ecosystem Risk and Control (PERC), which itself blocked $40 billion in attempted fraud last year.
Paul Fabara, chief risk and client services officer at Visa, said the payments industry giant has invested more than $12 billion in technology over the past five years. It was noted that some of the relevant financial injections were intended to decrease fraud and improve network security.
Paul Fabara also stated by combining the company’s proprietary technology with the unique experiences and perspective the firm’s talent brings, the brand can more effectively identify and defeat even the savviest scammers.
Visa Scam Disruption (VSD) includes a cross-disciplinary team that deploys strategies to mitigate a range of scams. The unit also conducts proactive fraud investigations to identify and address the corresponding operations before harming consumers.
It is worth noting that against the background of the active development of advanced technologies, including artificial intelligence, the issue of cybersecurity has become more relevant. Scammers also have access to AI tools. To counteract the corresponding threat in the virtual space, personal awareness of users is important. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.
