Visa Launches AI Security Roadmap to Combat NZ Fraud Surge

Visa has launched a comprehensive three-year Security Roadmap in New Zealand to combat the escalating threat of AI-enabled payment fraud, which saw nearly NZ$273 million in fraudulent transactions blocked in 2023. The plan includes real-time analytics, biometric authentication, and upgraded risk protocols designed to modernize security infrastructure by 2028, focusing on preventing enumeration attacks, adopting data-driven risk models, and strengthening defenses against AI-driven scams. Small and medium businesses, which have experienced a 95% rise in fraud reports and significant financial losses, are a key focus, supported by Visa's SMB Fraud Prevention Toolkit offering practical guidance on combating phishing, ransomware, and card-not-present fraud. Despite a 32% increase in unauthorized card fraud and online shopping scams overtaking identity theft, about 68% of victims do not report incidents, complicating fraud mitigation efforts. Visa emphasizes the necessity of sustained investment in next-generation security tools and collaboration with banks, merchants, and regulators to stay ahead of increasingly sophisticated criminal networks that use AI to mimic legitimate users and bypass traditional security measures. Globally, Visa operates multiple high-security fraud command centers that use AI-powered defenses to monitor and counteract cyber threats, highlighting the continuous arms race between criminals and security innovators.