Visa Reveals New 'Cybersecurity' Division as AI Voice Scams Skyrocket Banks are having trouble keeping up with AI-generated scams.
By Erin Davis Edited by Sherin Shibu
Visa is launching a Cybersecurity Advisory Practice in response to the growing threat that AI-generated voice scams are having on the banking industry. The new program is aimed at helping Visa clients "identify, evaluate, and thwart emerging cybersecurity threats," the company told Entrepreneur in an email.
In March, consulting firm Accenture surveyed 600 banks about the onslaught of AI-generated scams, and 80% said generative AI is allowing hackers to launch attacks faster than they can respond. Last month, OpenAI CEO Sam Altman told a crowd of financial regulators and industry experts at a Federal Reserve conference that banks using voices as authentication "terrifies" him.
Meanwhile, this week, IT giant Cisco revealed that it had recently faced a major data breach when an employee fell victim to a voice phishing attack. And it's not just global banks and tech companies; the scams are also affecting Main Street. A Florida senior recently lost $15,000 when bad actors used AI to clone her daughter's voice, and a man in California lost $25,000 in a similar manner.
"When it comes to cybersecurity and fraud prevention, proactive detection and response is key," said James Mirfin, global head of risk and identity solutions at Visa. "Our clients, which range from small mom-and-pop shops to larger enterprises, need comprehensive resources that can be scaled to meet the unique needs of their business."
Visa's new options offer training programs for employees about cybersecurity best practices and other services like system evaluations and defense protection to block attacks.
"Cybersecurity is no longer seen as a cost center, but as a vital part of any business's growth strategy," said Carl Rutstein, global head of advisory services for Visa.
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