Business Wire

From Ransomware to Pig Butchering, Visa Report Shows Top Scams Impacting Consumers and Businesses Globally

Share

Today, Visa released the Spring 2024 Edition of its Biannual Threats Report, which outlines the top payment threats impacting consumers and businesses around the world. The report points to increasingly organized, sophisticated threat actors targeting the most vulnerable point in the payments’ ecosystem: humans.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240320282456/en/

“With the use of Generative AI and other emerging technologies, scams are more convincing than ever, leading to unprecedented losses for consumers,” said Paul Fabara, Chief Risk and Client Services Officer, Visa. “Visa is uniquely positioned to address these threats, with investments in tech and innovation reaching over $10 billion over the past five years. These investments, in addition to our ongoing education and top talent, allow us to stay ahead of scams and protect consumers.”

Individuals as a Primary Target

Consumers are increasingly targeted by scammers, who rely on heightened emotions to create fraud opportunities. While the number of individual scam reports from June to December decreased, the total money lost increased, indicating scammers are targeting victims with more effective – and costly – scams. According to another recent Visa survey, more than one-third of adults surveyed decided not to report scams committed against them1, suggesting the losses are higher than reported.

Top consumer scams highlighted in the Spring Threats report include:

  • Pig butchering” scams: Capitalizing on holidays like Valentine’s Day and New Year’s Eve through social media and dating sites, scammers lure victims into online relationships and convince them to invest in fake cryptocurrency trading platforms. Leveraging AI to create more convincing campaigns, pig butchering scams have led to billions of dollars of losses for consumers2. Per Visa’s study, 10 percent of surveyed adults have been targeted in a pig butchering scam1.
  • Inheritance scams: Victims are notified about an inheritance left by a long-lost relative, often coming from a seemingly legitimate law firm or other professional entity. Red flags include secrecy, urgency, requests for personal information, and the need for an initial payment to secure future gains. 15 percent of U.S. adults surveyed by Visa have been targeted in inheritance scams1.
  • Humanitarian relief scams: Capitalizing on tragic current events, these scams exploit calls for donations across social media to defraud unsuspecting donors.
  • Triangulation fraud: Threat actors create illegitimate online storefronts offering in-demand products at a low cost to collect payment information. Legitimate merchants fulfill the online order, but payment information is already compromised. Triangulation scams cost merchants up to $1 billion in a single month3.

“Visa has a dedicated team that works around the clock globally to monitor and disrupt the tactics bad actors use to commit fraud,” said Fabara. “With our average time between identifying and shutting down an attack measured in minutes versus hours or days, we are doing all we can to help keep consumers safe. We hope building awareness of these emerging scams will help consumers fight fraud as another line of defense in the battle against fraudsters.”

Increasingly Organized Fraud Operations

In addition to cardholders, threat actors are continually probing organizations and networks for complex weaknesses, leveraging new technologies to exploit vulnerabilities with far-reaching impacts.

Organizational fraud trends impacting the ecosystem include:

  • Supply chains and third-party services are increasingly targeted with campaigns designed to maximize the impact of a single breach.
  • Artificial Intelligence (AI) has been increasingly adopted by fraudsters, allowing them to identify vulnerabilities within fraud controls implemented by banks.
  • Purchase Return Authorization (PRA) fraud attacks increased 83 percent over the previous five-month period, with each successful attack leading to approximately $115,000 in potential fraud losses to banks.
  • Ransomware cases increased 300 percent from June to December 2023 when compared to the same period in 2022. Visa forecasts that ransomware threat actors will continue to target critical infrastructure, including financial organizations.

Through the close integration of people and technologies, Visa has developed processes to mitigate and prevent payments ecosystem attacks. Visa engages with all payment ecosystem participants to ensure any at-risk data is identified and impacted stakeholders are notified.

To read more of the report, visit visa.com/security. To find out more about the tools Visa uses to help organizations of all sizes fight fraud, visit the Intelligent Security page.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

________________

1

Consumer Scam Report, Visa and Morning Consult, March 2024

2

US Financial Crimes Enforcement Network, September 2023

3

FS-ISAC, Holiday Shopping Threats, 2023

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Contact
Meg Omecene
momecene@visa.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

LabVantage Celebrates Customer Success with Record Number of Software Deployments in FY 202415.4.2024 15:05:00 EEST | Press release

LabVantage Solutions, Inc., the leading provider of laboratory informatics solutions and services, including purpose-built LIMS solutions that allow labs to go live faster and at a lower total cost, today announced the global achievement of more than 100 software deployments or ‘Go-Lives’ by customers in fiscal year 2024 across all of the industries it supports, including pharmaceuticals, biotechnology, healthcare, oil and gas, and food and beverage. The global life sciences LIMS market, currently valued at $1 billion, is expected to grow at an annual rate of 12-14% over the coming years, driven by a 10-12% yearly increase in user base.1 In this rapidly evolving sector, the demand for bespoke LIMS solutions that address the complexities of modern laboratory environments and deliver an integrated approach for scientific data management has become critical. LabVantage has been at the forefront of this evolution, seamlessly integrating LIMS with ELN, LES, and SDMS into a unified lab infor

KBI Biopharma Appoints Jean-Baptiste Agnus as Chief Business Officer15.4.2024 15:00:00 EEST | Press release

KBI Biopharma, Inc. (KBI), a JSR Life Sciences company and global cGMP contract development and manufacturing organization (CDMO), today announced the appointment of Jean-Baptiste (JB) Agnus as Chief Business Officer, solidifying KBI’s Executive Team. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240415842099/en/ JB Agnus, Chief Business Officer, KBI Biopharma, Inc. (Photo: Business Wire) JB brings more than two decades of experience across various sectors of the biopharmaceutical industry with expertise in commercial development in biologics, small molecule APIs, antibody-drug conjugates (ADCs), and the latest advancements in cell and gene therapies. With a proven track record of implementing winning sales strategies and cultivating high-performing teams, JB will lead KBI’s global business development initiatives, driving the company towards continued growth and sustained success. This pivotal role is focused on building a

J-HOTATE Association Exhibits at Seafood Expo Global in Spain to appeal premium and fresh Japanese scallops15.4.2024 14:00:00 EEST | Press release

Japan Scallop Export Promotion Association (“J-HOTATE Association”), which aims to expand the export of Japanese scallops, will be presenting the Japanese scallops to European markets at the Seafood Expo Global, which will be held in Barcelona, Spain, from April 23rd to April 25th, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240415920416/en/ Japanese Scallop - A Sustainable Gastronomic Delight (Photo: Business Wire) Japanese scallops (we say HOTATE [Hoh-Tah-Teh]) are highly accredited for their flavor, size, and quality. Fresh scallops can be enjoyed year-round under environmentally friendly farming/harvesting methods and the advanced technology to maintain freshness—both of which are unique to Japan. Especially in Hokkaido, Aomori, Iwate, and Miyagi where scallops are produced, local ocean currents provide highly rich nutrients, boasting one of the world’s largest landings of scallops. Scallops are also known as a

AngloGold Ashanti: Notice of 2024 Annual General Meeting15.4.2024 13:43:00 EEST | Press release

Today, AngloGold Ashanti plc (“the Company”, “AGA” or “AngloGold Ashanti”) posted its Notice of 2024 Annual General Meeting (the “Notice”), which can be viewed and downloaded from www.reports.anglogoldashanti.com. The Company’s 2024 Annual General Meeting (the “AGM”) is scheduled to be held on Tuesday 28 May 2024 at 9:00 a.m. Mountain Standard Time (which is 4:00 p.m. British Summer Time and 5:00 p.m. South African Standard Time) at 6363 S Fiddlers Green, Greenwood Village, CO 80111, USA. Shareholders are invited to join the AGM virtually by following the instructions set out in the Notice. By joining the AGM virtually, shareholders will be able to view a live video feed of the AGM, submit voting instructions and submit questions either in writing or via an audio line. The Notice sets out the business proposed to be conducted at the AGM, with the record date set as 2 April 2024 for the purposes of determining eligibility to receive the Notice and to vote at the AGM. The Notice will sho

FPT Unveils Strategic Directions, “All In” on AI, Automotive and Semiconductor15.4.2024 12:38:00 EEST | Press release

FPT Corporation (FPT) announced its strategic directions for the 2024-2026 period at the 2024 Annual General Meeting, with five focused areas defined as Artificial Intelligence (AI), Automotive, Semiconductor, Digital Transformation, and Green Transformation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240415401317/en/ FPT’s 2024 Annual General Meeting was held in Hanoi, Vietnam (Photo: Business Wire) According to FPT Chairman Dr. Truong Gia Binh, these five areas have shaped the course of modern history and will continue to be of critical importance in decades to come. In Vietnam’s case, they have been instrumental in solidifying the country's position as a global hub for business and innovation. In this direction, AI remains at the heart of FPT's development strategy, aiming to serve at least 50% of Vietnamese citizens and 300 million global citizens. The Corporation is committed to expanding its AI ecosystem, continuin

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye