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The constraint shaping this deal runs across the payments industry: AI-powered scams have changed the fraud environment faster than detection systems built to monitor it have adapted.
Visa has agreed to acquire BioCatch, a cybersecurity firm, for $2.4 billion.
The deal is the latest step in Visa's expansion of its value-added services division, which the company identifies as one of its fastest-growing businesses. The mechanism behind the price is the threat category itself.
AI-powered scams represent a different class of fraud problem than the categories conventional detection infrastructure was built to address.
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