Visa has introduced its Scam Disruption Practice, a new initiative aimed at identifying and stopping complex scams as they emerge. Operating under Visa’s Payment Ecosystem Risk and Control division, the practice saved victims $350 million across various scams in the past year. This effort is part of Visa’s broader strategy to enhance security, which also blocked $40 billion in attempted fraud during the same period. Paul Fabara, Visa’s Chief Risk and Client Services Officer, highlighted the company’s $12 billion investment in technology over the last five years, emphasizing the role of advanced technology and specialized talent in detecting and disrupting scams.
Visa Scam Disruption uses a combination of proprietary technology, artificial intelligence, and human expertise to investigate and dismantle scam networks. The practice recruits professionals from diverse backgrounds, including law enforcement and military sectors, to enhance its investigative capabilities. In a significant case, Visa identified a large-scale scam involving fraudulent "identity verification" merchants who used phishing links to enroll victims in recurring billing cycles. Through advanced data analysis, Visa shut down nearly 12,000 fraudulent merchants, preventing losses exceeding $37 million. Visa continues to work closely with financial institutions, law enforcement, and industry partners to disrupt scam operations and protect consumers worldwide.
