Visa’s State of Scams: Fall 2024 Biannual Threats Report examines physical theft, impersonation and authentication bypass affecting consumers, merchants and financial institutions. Released on October 23, 2024, it includes criminals using stolen payment credentials to buy gift cards or other goods for resale.

Visa's Chief Risk and Client Services Officer, Paul Fabara, stated that despite the company's $11 billion investment in technology and infrastructure over the past five years, fraudsters are reverting to tried-and-true tactics that target the weakest link in the ecosystem: consumers. The report notes that after a theft, scammers often purchase gift cards or physical goods to resell, or use the card number online for money transfers.

Other key themes highlighted in the report include government impersonation scams, where fraudsters pose as representatives from government agencies, and the rise of authentication bypass scams, which allow criminals to access full account funds and information via convincing texts, emails, or phone calls. The report also notes a significant increase in gas station fraud, enumeration, and token provisioning fraud.

The report marks the first edition published under the newly expanded Payment Fraud Disruption team, which works to protect the Global Payment Ecosystem against threats and abuse. The full report can be found on Visa's website, and the company encourages consumers, merchants, and financial institutions to stay vigilant and take steps to prevent fraud.