Fraud is getting smarter. AI is changing the threat landscape, and consumers are more cautious than ever about how their money moves online. Joining me is Charles Lobo, Senior Vice President and Regional Risk Officer for Central, Eastern Europe, Middle East and Africa at Visa. Charles, welcome to Wall Street to Mena.
Thank you.
People are comfortable using AI to shop, but when it comes to AI agents actually making payments on their behalf, they're much more cautious. What does that trust gap tell us?
It's clearly an opportunity. In MENA, 80% of people said they use AI to shop. In the UAE specifically it was around 85%, and in Saudi it was 90%. Over 90% said it makes their life easier — they're seeing the convenience and the value. But only a quarter of people would trust an AI agent to make a payment on their behalf. To address that gap, we have a framework called the Visa Intelligent Commerce framework, which lays out the principles of layered security — building security by design and being very intentional about how we create trust in every interaction. That framework, and the AI-driven solutions we're building around it, are what will close that gap.
Consumer expectations around protection are changing fast. What do institutions need to do differently to keep up?
A couple of things. First, as institutions scale innovation rapidly, trust needs to keep pace. It can't just be about new ideas and new solutions — those solutions need to have security embedded in them. Second, be very intentional about security by design. When designing products, consumer journeys, and solutions, security needs to be embedded from the start — not bolted on as an afterthought. And third, consumer awareness. That's pan-generational — it doesn't matter which generation you're addressing. Situational awareness and contextual awareness are critical.
What do you mean by situational and contextual awareness?
If you're initiating a digital transaction, is your institution using technology to understand your behaviour, your patterns, and the way you normally engage? And is it using AI-driven intelligence to know when an out-of-pattern transaction is happening? Can it then alert you with context — not a separate email that arrives when you're not looking at your email, but an in-app message at the exact moment of the transaction, asking: is this really you? Do you want to stop and verify before you proceed? That pause, that moment of friction inserted at exactly the right time, is where a lot of scams can be stopped.
And that's exactly what scammers exploit — they rush you.
Absolutely. We studied this concept in previous editions of Stay Secure. We called it the language of fraud. Fraudsters use three things consistently: urgency — act now, do this immediately; authority — I'm calling on behalf of law enforcement; and fear of consequences — your card will be blocked, your account will be frozen. Those three techniques have always existed. But in the world we're in today, they're no longer delivered by a human making a phone call. They're delivered by generative AI — bits of code, bots, and software making these interactions at scale, across multiple channels simultaneously. That's what makes them so much harder to spot.
AI-generated phone calls, AI-generated messages — it's taken over all channels.
Exactly. Our phones are all-encompassing devices — we consume entertainment, news, information, we communicate. Bad actors know exactly how to infiltrate these channels. The results of the study show that such a high percentage of people have fallen victim to scams orchestrated over social and digital channels precisely because of this.
What is the one thing you would advise business leaders to get right in this environment?
Be intentional about security by design. Own your part of the shared responsibility. Everyone has to do their bit — the financial institution, the platform, the consumer. Security by design is not a demonstration of caution, it's a demonstration of doing your part. Build it into the product lifecycle from day one. Don't leave consumers to their own devices when it comes to protection.
Thank you so much, Charles. Really important to raise awareness around fraud and scamming, and I appreciate all your insights today.
Thank you so much. It's been a pleasure.
