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Visa Inc. (NYSE:V) reportedly thwarted 80 million fraudulent transactions totaling $40 billion globally last year, aided by technology investments such as artificial intelligence (AI).
By 2025, cybercrime’s projected $10.5 trillion cost would surpass the GDP of all but two nations, positioning it as the world’s third-largest economy, reported Reuters, citing Charles Lobo, the Regional Risk Officer for Visa in Central and Eastern Europe, Middle East, and Africa.
This trend reflects the increasing sophistication of scams, as criminals employ new tactics to deceive both consumers and businesses in an ever-evolving digital landscape.
Globally, the leading payments processor has invested more than $10 billion in technology over the past five years, allocating $500 million specifically toward AI and data infrastructure to safeguard clients and customers against fraudulent activities, Reuters added.
“In just the last year, those investments, how have they benefited us? We’ve blocked $40 billion of fraudulent transactions. That’s 80 million transactions prevented,” Lobo told Reuters during a Visa payment security conference held in Johannesburg, South Africa.
According to Benzinga Pro, V stock has gained over 9% in the past year. Investors can gain exposure to the stock via IShares U.S. Financial Services ETF (NYSE:IYG) and SPDR Select Sector Fund – Financial (NYSE:XLF).
Price Action: V shares are trading lower by 1.25% to $264.36 at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock/ Tony Stock
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