The only way to beat criminals who use AI to commit fraud is to mount a defense that uses AI more strategically. Card industry fraud fighters have had success in using AI to bend the curve on fraud as measured by the percentage of total volume (purchases combined with cash). In 2024, fraud losses dipped to 6.4¢ per $100 in 2024, down from 6.6¢ in 2023. It is expected that, when figures are available for 2025, the downward trend in basis points lost to fraud will have continued. However, a new factor—cardholder use of generative AI to create autonomous buying agents using protocols fr...