Visa Inc. announced on Monday that it will acquire fraud detection startup BioCatch for $2.4 billion in cash, expanding its footprint in the cybersecurity sector amid a surge in AI-driven fraud and account takeover incidents facing the banking industry. The acquisition underscores the race among payment companies to bolster fraud defenses, as generative AI makes attacks cheaper, faster, and more deceptive. Visa estimates that fraud and account takeovers cost the global economy over $1 trillion annually.