Visa is addressing the rise of AI-generated voice scams in banking by launching a Cybersecurity Advisory Practice aimed at assisting clients in identifying and countering emerging threats. A survey indicated that 80% of banks feel these generative AI-based scams enable swift attacks that outpace their response capabilities. The program includes training for employees on cybersecurity best practices as well as evaluations and protective defenses against attacks. Notable incidents, such as significant financial losses due to voice cloning scams, emphasize the urgency of proactive detection and response in cybersecurity.
"When it comes to cybersecurity and fraud prevention, proactive detection and response is key. Our clients... need comprehensive resources that can be scaled to meet the unique needs of their business."
Cisco recently faced a major data breach when an employee fell victim to a voice phishing attack, highlighting vulnerabilities even in large companies.
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