PARIS, France, June 30. Visa is launching a new
platform, the Visa Threat Intelligence Platform (VTIP), Visa’s
Regional President for the Central and Eastern Europe, Middle East,
and Africa (CEMEA) region, Tareq Muhmood said, Trend's special correspondent
reports from the event.


He made the announcement during an information session at the
Visa Payments Forum in Paris


“This is a system that allows us to analyze customers’ digital
environments and identify threats at an early stage,” he said.


Muhmood stated that the level of fraud in the digital payments
industry is showing significant growth and goes beyond traditional
account hacking schemes.


According to him, the nature of fraud has changed in recent
years: instead of classic attacks on accounts, social engineering
and identity theft schemes are increasingly being used.


“If we’re talking solely about fraud risks, the level of fraud
in our industry is rising significantly. But this is no longer the
traditional fraud we’re used to thinking about when accounts are
hacked,” Muhmood noted.


He cited data showing that between June and December of last
year, the volume of fraud linked to scams and identity theft
reached approximately 1 billion euros.


“We saw about one billion euros in scam-related fraud, where
someone impersonates another person or steals their identity,” he
emphasized.







According to Muhmood, the development of artificial intelligence
could further accelerate the spread of such schemes and make them
harder to detect.


“With the advent of AI, this will become even easier. The risk
environment is changing very rapidly and has already gone beyond
the traditional risk landscape,” he noted.


In response to these challenges, Visa is developing a suite of
solutions under the Visa Protect brand, which aims to protect not
only individual transactions but also the entire payment
ecosystem.


Muhmood pointed out that one of the key problems with existing
solutions is delayed response to incidents and a lack of structured
data for analysis.


“Many clients receive data that is too general and often learn
about a problem too late, when attackers have already had time to
scale up their activities,” he said.


He noted that VTIP enables a shift from a reactive model to a
proactive one by identifying threats before they can scale up.


According to him, this suite of solutions enables Visa and its
partners to detect anomalies more effectively and strengthen the
protection of the payment infrastructure in the face of rapidly
evolving threats.