The global financial community has unleashed a new era for global payments innovation with universal adoption of ISO 20022 as the standard language for cross-border payments worldwide.

Visa, a world leader in digital payments, is fighting back as scammers harness the power of artificial intelligence to target New Zealanders by using AI to combat AI.

A new report from Nasdaq Verafin, Financial Crime Insights: Europe, highlights the staggering scale of financial crime across the continent. Drawing from the 2024 Global Financial Crime Report and industry surveys, the study reveals that an estimated $750 billion in illicit funds flowed through Europe’s financial system—2.3% of the region’s GDP.

Citi and US Bank Mastercard cardholders will be the first to access Mastercard’s new Agent Pay technology, ahead of a wider U.S. launch during the holiday season and a subsequent global rollout. Introduced in April, Agent Pay is Mastercard’s entry into the emerging agentic payments space, allowing AI agents to handle shopping and payment tasks on behalf of users.

Source: WFF

We Fight Fraud (WFF), a specialist financial and cyber crime consultancy, has selected European Regtech scale-up Salv to share intelligence with financial institutions across Europe.

JPMorgan Chase is leading the charge in quantum computing among global banks, significantly outpacing competitors in hiring, research, and investment, according to a report by benchmarking platform Evident.

Worldpay, a global leader in payment technology, today announced they are partnering with Trulioo, the leading global digital identity platform, to introduce new safeguards for AI-powered agent-led commerce.

Source: Visa

Jack Forestell, Visa’s Chief Product and Strategy Officer said, “Combining the strength of our global network with our leadership in payment innovation here in Asia Pacific, we are bringing new products and solutions that will transform commerce and deliver trust and security to AI-enabled payments across the region.”

Visa's newly established scam disruption unit, part of its Payment Ecosystem Risk and Control (PERC) division, prevented over $350 million in attempted fraud in 2024.

OpenAI CEO Sam Altman has voiced strong concerns about the continued reliance on voice-based authentication by banks, calling it “terrifying” in the face of rapidly advancing AI capabilities.

The Federal Deposit Insurance Corporation (FDIC) has directed Discover Bank to return over $1.2 billion to merchants who were overcharged on swipe fees.

Fraud losses in the U.S. soared to $12.5 billion in 2024, marking a 25% increase from the previous year, according to Federal Trade Commission data.