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Visa, AI And The $25B Fraudsters Never Got

Visa, AI And The $25B Fraudsters Never Got
Cybercrime is both pervasive and expensive, as modern problems go.

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.

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