Visa warned on October 16, 2024 that criminals were impersonating business leaders to persuade employees to buy gift cards, using artificial intelligence to make fraudulent communications more convincing.

The warning, issued during Cybersecurity Awareness Month, described requests delivered by phone messages as well as video calls featuring fabricated versions of executives. Visa said the tactics exploited trusted working relationships and employees’ willingness to help, sometimes seeking hundreds or thousands of dollars in gift cards.

Visa advised employees to question requests that differ from an executive’s usual communication style. Messages arriving through third-party platforms should be verified through company-supported channels before action is taken. Suspicious emails should go to security teams, while unfamiliar links and attachments warrant caution.

The company also recommended unique passwords, multifactor authentication and continuing security training. Its guidance cited $1.1 billion in impersonation-related fraud losses, drawing on FTC material; it did not identify that amount as losses exclusively from gift cards or executive impersonation. Visa framed the measures as continuing workplace practices beyond the October awareness campaign.