Security News > 2024 > March > Scams are becoming more convincing and costly

Scams directly targeting consumers continue to increase in both complexity and volume, according to Visa.

While the number of individual scam reports from June to December decreased, the total money lost increased, indicating scammers are targeting victims with more effective - and costly - scams.

According to another Visa survey, more than one-third of adults surveyed decided not to report scams committed against them, suggesting the losses are higher than reported.

"With the use of generative AI and other emerging technologies, scams are more convincing than ever, leading to unprecedented losses for consumers," said Paul Fabara, Chief Risk and Client Services Officer, Visa.

Leveraging AI to create more convincing campaigns, pig butchering scams have led to billions of dollars of losses for consumers.

15% of US adults surveyed by Visa have been targeted in inheritance scams.

News URL

https://www.helpnetsecurity.com/2024/03/25/scams-volume-increase/