Mastercard: Global bank card fraud to reach $425B in 2023-2032

According to forecasts, fraudulent bank card transactions worldwide will amount to $425 billion in 2023-2032, Mastercard representative Resat Kokcen said at the VIII International Banking Forum in Baku, Report informs.

He noted that in the current conditions of digitalization, there are more opportunities for financial fraud in the world: "E-commerce has already become part of our lives, and in this regard, fraudsters are already using artificial intelligence to gain access to customers' financial funds in various banks. They create more sophisticated schemes using fake videos and phone calls."

Kokcen also noted that banks, in turn, should use artificial intelligence to combat fraud: "Digitalization has already become a reality. Therefore, we must properly verify our digital identity. Additionally, it's important to invest in cybersecurity. Banks should raise their customers' awareness about cyberattacks."