Top threat in payment scams is "pig-butchering."

According to the findings of Visa's Biannual Threats Report for Spring 2024, the rise of generative AI has made scammers' attacks on consumers more coordinated and intelligent.

According to Visa, the technology is being used to target people, who are the most susceptible element in payment networks.

Given that there were fewer frauds between June and December yet there were more losses, the report also implies that schemes are growing more successful.

When it comes to pig-butchering, con artists use social media on occasions like Valentine's Day or New Year's Eve to entice victims into phony virtual friendships before convincing them to invest in fictitious cryptocurrency businesses.

The report identifies inheritance scams, humanitarian aid scams, and triangulation scams as the most often employed fraudster strategies in addition to pig-butchering.

The report also identifies several other trends, such as the targeting of third-party providers and supply networks, and a 300% increase in ransomware between June and December.

Paul Fabara, chief risk and client services officer at Visa, stated, "Scams are more convincing than ever thanks to the use of Generative AI and other emerging technologies, leading to unprecedented losses for consumers."

"We believe that increasing consumer awareness of these new scams will act as an additional line of defense in the fight against fraudsters," Fabara continued.