By Funmilola Gboteku
Visa, a multinational firm into payment card services says Artificial intelligence enabled scams have emerged as the fastest-growing source of consumer payment fraud globally as cybercriminals increasingly target people.
Visa stated this in its Mid-year 2026 Biannual Threats Report released on Wednesday in Lagos.
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The report said scammers were increasingly using AI tools and social engineering tactics to manipulate consumers into authorising fraudulent payments themselves.
It indicated that from July to December 2025, Visa identified nearly one billion dollars in scam-related activity, making scams the largest category of consumer payment fraud.
According to the report, fraudsters now impersonate trusted brands and institutions, create a sense of urgency and deceive victims into completing seemingly legitimate transactions.
The report said stronger network-level security had reduced opportunities for direct system compromises, forcing criminals to shift their focus to exploiting human trust.
It revealed that fraud involving device tokens declined
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