According to reports, citing the University of Maryland, there is an attempted hack every 39 seconds. By some estimates, cybercrime will have cost the world $6 trillion by 2021 in damaged and destroyed data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud and post-attack disruption to the normal course of business.
As Visa’s Melissa McSherry, SVP and global head of credit and data products, told Karen Webster in a recent conversation, fraudsters are persistent and often sophisticated, and VisaNet is a favored target — as it has been for decades.
“The fraudsters are very creative — and they use high-tech tools and artificial intelligence [AI] as well. They are constantly testing out network security patterns, and taking a very structured approach to [try] to break through our defenses. They are always learning from us, as we are learning from them,” she said.
Visa, AI And The $25B Fraudsters Never Got