Over the more than 70-year history of the payment card industry, fraud fighters have chased criminals who profit from weak defenses in data protection and infrastructure. Over the last three years, artificial intelligence (AI) in the hands of organized criminals has quickened the chase. Never before have fraud defense systems been forced to adapt so quickly. Organized gangs and nation state-backed criminals who utilize legacy machine learning AI are already able to execute fraud at scale using automated bot attacks. New generative AI (genAI) tools, which can manipulate massive databases ...