Approximately 15,000 auto dealers across the U.S. have been impacted by a major “ransom event” at the end of June against CDK Global, a prominent automotive industry software supplier. Dealers depend on their applications for managing tasks such as inventory, sales, financing, and services – this is called a Dealer Management System, or DMS.

According to CBS News, a spokesperson for CDK Global told them that “Late in the evening of June 19, we experienced an additional cyber incident and proactively shut down most of our systems.

“As someone who doesn't understand a damn thing about it, it has enormous potential for good and enormous potential for harm.” 

These are the words of Warren Buffet, the legendary investor and one of the richest men in the world, on the topic of deepfake AI technology.

Visa, the largest payment processor globally, has dedicated approximately $500 million to developing artificial intelligence (AI) and data infrastructure, improving its ability to prevent fraudulent activity.Charles Lobo, Visa Regional Risk Officer for Central and Eastern Europe, Middle East, and Africa, reported that these advancements have helped Visa intervene against "80 million potential fraudulent transactions," which may have otherwise resulted in about $40 billion in fraud in 2023. 

Visa's AI systems can help prevent fraud by analyzing every transaction and identifying patterns and anomalies.