JOHANNESBURG (Reuters) – Visa (NYSE:) prevented 80 million fraudulent transactions price $40 billion globally final yr due to investments in know-how together with synthetic intelligence (AI), a senior firm determine stated on Tuesday.
In 2025, cybercrime is projected to price the world $10.5 trillion. If this have been a nation’s gross home product, it might rank because the world’s third-largest financial system, Charles Lobo, the Regional Danger Officer for Visa in Central and Japanese Europe, Center East, and Africa instructed Reuters.
This comes as scams evolve in sophistication, with criminals utilizing new approaches to trick unsuspecting shoppers and companies in a digitally evolving world.
Worldwide, the world’s largest funds processor has invested over $10 billion over the previous 5 years in know-how, together with $500 million on AI and information infrastructure to guard shoppers and prospects from fraudulent exercise.
“In simply the final yr, these investments, how have they benefited us? We have blocked $40 billion of fraudulent transactions. That is 80 million transactions prevented,” Lobo instructed Reuters on the sidelines of a Visa cost safety convention in Johannesburg, South Africa.
“Now regardless of that, there’s nonetheless lots of unhealthy that is occurring,” he added.