Massive Frauds Prevented in Europe and Worldwide
In just one year, Visa’s Scam Disruption Department stopped fraud attempts exceeding $1 billion, including $260 million in Europe. Over 25,000 fake merchants were identified and blocked, thanks to close collaboration with authorities and clients worldwide.
Advanced technology and artificial intelligence helped Visa experts detect fraud schemes before they reached victims, combining digital analysis with human expertise.
Fraudulent Merchant Network Dismantled
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Visa’s team dismantled a network of over 1,000 merchants operating in the European Union and North America. They used fake QR codes, misleading messages, and deceptive ads to illegally collect customers’ payment information.
The total reported fraud amounted to $44 million, but collaboration with banks and authorities put an end to these operations.
David Capezza, Interim Chief Risk Officer at Visa Europe, stated: “I see almost daily how threats in electronic payments evolve. Scams have a personal impact and can have long-lasting financial and psychological effects on people and their families.”
Visa continues to strengthen its Visa Integrity Risk Program to support banks in identifying deceptive merchants. The company emphasizes that prevention and collaboration are essential for a secure payments ecosystem.
Visa facilitates digital transactions in over 200 countries and territories, connecting consumers, merchants, financial institutions, and government authorities.
Photo: pixabay.com
