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As risk officer for Visa in Central Europe, Middle East and Africa, Charles Lobo is at the forefront of the fight against cybercrime across the region.
The problem is escalating rapidly and Lobo says it will equate to the size of the world’s third largest economy in terms of GDP in 2025 – around $10 trillion. Businesses, governments and economies will all feel the pinch.
The UAE is vulnerable. Visa’s Stay Secure study of 5,800 adults revealed that 49 percent of consumers surveyed had fallen victim to a cyber scam in the emirates.
Attacks are becoming increasingly sophisticated, and the growing use of generative AI makes them even harder to defend against, Lobo says.
In response, Visa has invested over $12 billion in fraud prevention over the past five years. They also anticipate that mandatory reimbursement schemes could eventually be introduced in the GCC to further protect consumers.
Watch the video above for Charles Lobo’s insights on the global cybercrime landscape and the work being done to combat this growing challenge
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