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

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

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

IFF to Release First Quarter 2024 Results on May 6, 202416.4.2024 22:15:00 CEST | Press release

IFF (NYSE:IFF) today announced that it will release its first quarter 2024 earnings results following the market close on Monday, May 6, 2024. The management team will host a live webcast on Tuesday, May 7, 2024 at 9:00 a.m. ET to discuss results and outlook with the investor community. Investors may access the live webcast and accompanying slide presentation on the Company's website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available for replay. Welcome to IFF At IFF (NYSE: IFF), an industry leader in food, beverage, health, biosciences and scent, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more goo

A new chapter for Medisca: Sanjay D. Goorachurn appointed as Chief Executive Officer16.4.2024 19:58:00 CEST | Press release

Medisca, a global company specializing in personalized pharmaceutical solutions, is pleased to announce the appointment of Sanjay D. Goorachurn as the company’s new CEO, as founders, Tony Dos Santos and Maria Zaccardo, transition into strategic advisory roles as Chair and Vice Chair, respectively. Coinciding with the company’s 35th anniversary, this decision marks a significant milestone in Medisca’s history. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240416663563/en/ Left to right: Tony Dos Santos, Founder | Maria Zaccardo, Co-founder | Sanjay D. Goorachurn, CEO (Photo: Business Wire) In 1989, Medisca opened its doors as a team of three with two products and a vision to bridge the gaps in patient care. Today, Medisca is a global leader in personalized medicine with more than 10 locations spanning 5 countries. Powered by a workforce of over 450 employees, Medisca offers a vast portfolio of more than 2,000 product solutio

Bona Releases 2023 Sustainability Report16.4.2024 18:00:00 CEST | Press release

Bona®, a global, sustainably-driven company that supplies products for installing, renovating, maintaining, and restoring premium floors, today released its Sustainability Report for 2023. This year, Bona has included a narrative summary of its sustainability progress following by its audited statutory sustainability report. This is another important step by Bona to move its sustainability efforts forward and align with the demands of the Corporate Sustainability Reporting Directive (CSRD). “We are currently in the midst of developing our sustainability work in line with our ambitions and stakeholder expectations. This year’s report reflects this ongoing journey and presents many examples of the progress we are making, among which are our advances in reducing fossil-based plastics in our packaging, the introduction of bio-based products, and the launch of our Sustainability Board,” said Magnus Andersson, Bona CEO. Most notably, Bona announced in its report the establishment of a Sustai

Unforgettable Experiences Await: Secure Your Spot at NPE202416.4.2024 16:42:00 CEST | Press release

Anticipation for the largest plastics trade show in the Americas is nearly over; registration for NPE2024: The Plastics Show closes in less than a month. Held in the Orange County Convention Center in Orlando, Florida, the show spans over 1.1 million net square feet of exhibit space. NPE2024 will be the most impactful trade show of the year for all plastics industry sectors in the U.S. and globally, with more than 55,000 professionals expected and over 2,100 exhibitors. Attendees will come from over 115 countries, representing the entire plastics ecosystem and nearly every part of the global industry. NPE2024 is back, and a completely reimagined experience. The show’s slogan “Made For You,” highlights its focus on personalization, offering various education, networking and innovation for professionals in the automotive, building and construction, consumer products, packaging and medical industries. NPE2024 is returning bigger and better than ever with the announcement of new features s

Lenovo Embraces the AI PC Era with New ThinkCentre Desktops Powered by AMD Ryzen PRO 8000 Series Desktop Processors16.4.2024 15:00:00 CEST | Press release

Lenovo™ has unveiled a selection of ThinkCentre™ desktops powered by AMD Ryzen™ PRO 8000 Series desktop processors with up to 16 TOPS (trillion operations per second) of integrated NPU capability dedicated to process AI workloads, including the performance focused ThinkCentre M75t Gen 5, the flexible ThinkCentre M75s Gen 5, and the compact ThinkCentre M75q Gen 5. Designed to meet the diverse needs of modern business, the ThinkCentre M75 Gen 5 family of desktops harnesses the AI capability of its component while optimizing its energy efficiency to deliver impressive results. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240416990902/en/ Lenovo ThinkCentre M75s Gen 5 (Photo: Business Wire) “The AI PC era is already here and at Lenovo we are embracing it to unlock new possibilities,” said Sanjeev Menon, vice president and general manager, Worldwide Desktop Business in Intelligent Devices Group, Lenovo. “The need for businesses

HiddenA line styled icon from Orion Icon Library.Eye