Visa Inc. (NYSE:V), a global pioneer in digital payments, unveiled its Fall 2023 Biannual Threats Report, spotlighting the escalating sophistication of fraud schemes in the retail and eCommerce sectors.
Phishing Schemes Amplified by AI: The report underscores a notable surge in phishing schemes, now amplified by generative AI tools. This evolution marks a new chapter in the cyber threat landscape.
Ransomware Attacks on the Rise: March 2023 set a new record with approximately 460 ransomware attacks, marking a 91% spike from February 2023 and a 62% increase year-over-year. Notably, these attacks aren’t solely targeting payment data but are compromising any accessible data, including personal identifiable information.
Enumeration Attacks Surge by 40%: The first half of 2023 witnessed a 40% uptick in enumeration attacks. Visa’s real-time Account Attack Intelligence played a pivotal role in identifying and mitigating these threats.
Online Merchants Bear the Brunt: Online merchants accounted for 58% of total fraud and breach investigations, with physical retailers at 20%, and ransomware/fraud schemes at 7%.
Retail-Specific Schemes Gain Traction: The past six months saw a measurable increase in retail-specific fraud schemes. These include counterfeit merchant sites, malvertising, flash-fraud scams, and the emerging “free gift” crypto scam.
Paul Fabara, Chief Risk Officer at Visa, commented, “The $30 billion of fraud prevented in the last six months is a testament to Visa’s proactive approach, even as fraudsters become increasingly sophisticated.”
Global Collaborative Efforts
Visa’s collaboration with global law enforcement has led to significant crackdowns on cybercrime. Noteworthy actions include:
Try2Check Platform Takedown: In May 2023, the US Secret Service dismantled the cybercrime platform Try2Check. Its administrator, Denis Gennadievich Kulkov, now faces a potential 20-year prison sentence.
Operation Urban Justice: This California-based operation targeted Electronic Benefit Transfer (EBT) fraud, resulting in the arrest of 20 suspects linked to an Eastern European crime syndicate.
Genesis Market Takedown: April 2023 saw an international coalition arrest 119 individuals associated with the cybercrime platform.
Visa’s multifaceted approach, from its Risk Operations Center to its Payment Threat Intelligence team, showcases its commitment to safeguarding the global economy.
Visa has recently unveiled its enhanced stablecoin settlement capabilities. As reported by Blockchain.News, this expansion includes the integration of the Solana blockchain. Furthermore, Visa has embarked on pilot projects in collaboration with merchant acquirers Worldpay and Nuvei.
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