Visa’s investments in artificial intelligence (AI) and other technology reportedly enabled the payments processor to block 80 million fraudulent transactions worth $40 billion in 2023.
By 2025, cybercrime is projected to cost the world $10.5 trillion, which would make it the third-largest economy if it were a nation’s gross domestic product, said Charles Lobo, the Regional Risk Officer for Visa in Central and Eastern Europe, Middle East, and Africa. This projection underscores the increasing sophistication of scams as criminals adopt new tactics to deceive consumers and businesses in an increasingly digital world.
The world’s largest payments processor, Visa, has invested over $10 billion in technology over the past five years, including $500 million in AI and data infrastructure to protect clients and customers from fraudulent activity. “In just the last year, these investments have significantly benefited us. We’ve blocked $40 billion worth of fraudulent transactions, preventing 80 million fraudulent transactions,” Lobo told Reuters at a Visa payment security conference in Johannesburg, South Africa.
“Despite these efforts, there’s still a lot of bad activity happening,” he added.
 and other technology reportedly enabled the payments processor to block 80 million fraudulent transactions worth $40 billion in 2023.){kind=link}