Visa announced that its fraud prevention system blocked nearly 85% more suspected fraudulent transactions globally this Cyber Monday compared to the same day last year.

This year, suspected fraudulent activity surged by 200% worldwide over the holiday weekend, with fraudsters increasingly turning to advanced AI tools to target both physical and digital transactions.

The payment giant responded by deploying its own artificial intelligence and machine learning technologies to detect and prevent fraudulent activity before it could occur, regardless of where or how consumers were shopping.

Visa has invested US$11 billion over the past five years in technology to combat fraud, including the development of tools such as the Visa Account Attack Intelligence Score.

This solution, launched earlier this year, leverages generative AI to help prevent account takeovers and other types of fraud across shopping platforms.

The company has also been proactive in raising awareness among consumers.

Last month, Visa published its annual Holiday Threats Report, which highlighted rising scam trends and provided tips for safer shopping during the holiday season.

Last year alone, Visa blocked US$40 billion worth of suspected fraudulent transactions globally.

“Although crooks are using AI more and more, so are we. And that’s paying off.

As we saw during the kickoff to the holiday shopping season, Visa continues to thwart more attempts at fraud from these bad actors, continuing our mission to be the safest way to pay and be paid for everyone, everywhere.”

said Paul Fabara, Chief Risk and Client Services Officer at Visa.

Featured image credit: Edited from Freepik

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