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Cybercrime to become world's 3rd largest economy: Mastercard CEO

Mastercard CEO Michael Miebach warns Yahoo Finance Executive Editor Brian Sozzi that global cybercrime will reach $15.6 trillion by 2030, making it the world's third-largest economy. He breaks down the generative AI "arms race" between fraudsters and banks, and explains the hidden risks of letting AI agents manage your purchases and money.

00:00 Speaker A

You mentioned uh cybersecurity several times and I I'm worried about it too. I'm worried about

00:05 Speaker B

You should be.

00:05 Speaker A

bots wiping out my bank account. Like how how how how worried does the average person need to be about the agentic AI era sucking the money out of their account without without them even realizing it.

00:30 Speaker B

So fundamentally, let's just zoom out a little bit. Um, when you if you were to say that cybercrime is a country, it would be So what's expected is that cybercrime will add up to $15.6 trillion by 2030. If you ranked order that by country's GDP, it would be the third largest country in the world. So it's big. It's an arms race. Generative AI, you know, to name one technology that's available to the fraudsters and scammers, as well as to the people who defend your bank for example, that's going to try to protect you from that. So, it's an arms race that's going on. Now, very specific to the point about agentic commerce. Uh so if you have a world where you delegate decisions, you know, with the best intention because you don't want to deal with kind of administrative stuff.

01:46 Speaker A

Go buy me a shirt.

01:47 Speaker B

I want to go and book a trip.

01:48 Speaker A

Yeah.

01:49 Speaker B

You want to book a trip and you know, there's a bunch of things that are are behind that trip from the hotel to the uh to the airline to whatever some some gear that you need for your hike, etc, etc.

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