TLDR: Visa has launched a new Cybersecurity Advisory Practice to combat the escalating threat of AI-generated voice scams and other cyberattacks, offering tailored tools and expert support to its clients.
Visa has officially unveiled its new Cybersecurity Advisory Practice, a strategic initiative designed to equip its clients with advanced tools and expertise to proactively identify, evaluate, and mitigate emerging cyber threats. This move comes in direct response to a significant surge in sophisticated cyberattacks, particularly those leveraging artificial intelligence, such as AI-generated voice scams, which have seen a dramatic increase in recent years.
The digital payments giant has invested billions in its cybersecurity infrastructure over the past year, enhancing its global payments network by deploying generative AI to detect and block fraud. With this new practice, Visa aims to share these internal fraud-fighting insights and capabilities directly with its clients, addressing mounting concerns around information security in the AI era. The practice will utilize AI and draw upon a team of 2,000 consultants, data scientists, and product experts to help clients defend against increasingly sophisticated cyberattacks.
According to Carl Rutstein, Visa’s global head of advisory services, the Cybersecurity Advisory Practice emerged from a clear demand from clients for “deeper, more proactive support” in a rapidly evolving threat landscape. The company notes a nearly 300% increase in internet fraud over the last few years. Consulting firm Accenture’s March survey of 600 banks revealed that 80% believe generative AI allows hackers to launch attacks faster than banks can respond.
The financial implications of cybercrime are staggering, with cybersecurity and compliance firm VikingCloud estimating potential costs to businesses of up to $10.5 trillion by year-end and a projected $15.63 trillion by 2029. The FBI reported that in 2024, the top three internet crimes were phishing/spoofing, extortion, and personal data breaches. Cybercriminals are increasingly employing AI to crack passwords, manipulate data, and create deepfakes.
Visa’s own data highlights the escalating threat: the company blocked $14 billion in presumed fraud within the U.S. in 2024, marking a 30% increase over 2023. The new Cybersecurity Advisory Practice will build on Visa’s existing “payment ecosystem,” offering services such as enumeration defense, employee training, and cybersecurity maturity assessments. This initiative underscores a broader industry trend, as other digital payments providers are also bolstering their defenses against the growing cyber threat.
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Recent incidents underscore the urgency, with a Florida senior losing $15,000 to an AI-cloned voice scam and a California man losing $25,000 in a similar manner. James Mirfin, global head of risk and identity solutions at Visa, emphasized the importance of proactive detection and response in cybersecurity and fraud prevention.
