U.S. shoppers lost $8.7 billion to fraud through the third quarter, a 14.5% rise from the previous year, per Federal Trade Commission
Scammers are using artificial intelligence to exploit holiday shoppers with increasingly advanced fraud schemes.
Visa blocked 200% more fraudulent charges during Black Friday and Cyber Monday than last year. At the same time, Mastercard reported nine times more fraud attempts over Thanksgiving weekend.
According to the Federal Trade Commission, U.S. shoppers lost $8.7 billion to fraud through the third quarter, a 14.5% rise from the previous year.
AI allows scammers to create fake ads, websites and phishing messages to steal credit card information. One victim lost money to a fake ad for an advent calendar.
Scammers also use AI to forge IDs and create deepfake videos to bypass security checks.
Despite increased investments in AI by banks, fraudsters continue to outpace current defenses, putting shoppers at risk.