Visa has released its Fall 2023 Biannual Threats Report, revealing emerging fraud schemes affecting the global economy. The report notes a significant increase in phishing schemes utilizing generative AI tools, along with a rise in enumeration and ransomware attacks. While the overall global fraud rate was lower than expected, Visa proactively prevented $30 billion in fraud during the report period.

However, targeted and sophisticated schemes impacted specific institutions. The report also highlights Visa’s collaboration with global law enforcement agencies to apprehend fraud perpetrators. Visa’s chief risk officer, Paul Fabara, emphasized the company’s commitment to combating evolving fraud tactics.