Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Article by Luis Monzon originally published on MyBroadband, May 9, 2026. Anthropic’s AI model Mythos, part of its Claude software, represented a clear threat to banks and financial institutions in South Africa. This is according to Bijan Sanii, CEO of Canadian fraud detection provider INETCO. Anthropic, one of the world’s most important generative AI makers, positioned Mythos as an extremely capable AI model designed to identify vulnerabilities in critical software beyond human capabilities.

A recent American Banker article, “Knock on wood: Are banks doing enough to cope with Mythos?” raises a timely and uncomfortable question about advanced AI models like Anthropic’s Claude Mythos. As highlighted in the article, INETCO CEO Bijan Sanii points out a critical truth: The conversation is being fueled by the emergence of AI technology capable of identifying software vulnerabilities at a speed and scale that was previously unimaginable.

Banks, payment processors and fintechs have long relied on Know Your Customer (KYC) processes to verify identity and assess the risk of doing business with the customer during onboarding, and on Know Your Business (KYB) processes to validate business legitimacy. But today, that’s no longer enough.

When it comes to real-time payments, fraud moves fast — but liquidity stress can move even faster. A fraud or cyberattack can quickly become a liquidity event when it disrupts settlement funds, triggers abnormal transaction flows or forces payment services offline. That is why banks, payment processors and instant payment networks need real-time visibility into transaction activity, settlement exposure and emerging operational risk.

INETCO has been named Best Online Fraud Detection & Cyber Security Software 2026 by Corporate Vision in the Canadian Business Awards. This recognition highlights the real world impact our customers are making to prevent payment fraud and strengthen cyber resiliency across global payment ecosystems.

When it comes to fraud prevention, most of us know that small steps can make a big difference: use strong passwords and a password manager, turn on multifactor authentication, and so on. But for banks, fintechs and payment processors, those small steps are just the beginning.

From real-time payment (RTP) scams to account takeovers to card testing, Visa reports that 98% of merchants experienced one or more types of fraud in 2025. No wonder it has gone down in history as the year these crimes exploded in scope. So what does 2026 have in store? According to the INETCO Team, the coming months will see payment fraud evolve like never before — into something more autonomous and far harder for banks and payment processors to detect using traditional approaches.

The Visa Acquirer Monitoring Program (VAMP) has quickly become one of the most discussed (and feared) compliance frameworks in the payments industry. With stricter enforcement beginning October 1, 2025, merchants and acquirers around the globe are scrambling to understand how to stay within Visa’s tightening thresholds and avoid painful penalties.

At the recent Conversations Live with Stuart McNish panel on cybersecurity — part of the thoughtful public affairs dialogue series produced in partnership with the Vancouver Sun — industry leaders gathered to unpack the real-world risks shaping organizational resilience and national security. The event, held on Dec. 10, 2025, brought together experts from across the cybersecurity landscape to go beyond headlines and explore strategies for responding to evolving threats.

In a recent appearance on the CanadianSME Small Business Podcast, INETCO CEO and Founder Bijan Sanii shared strategic insights for Canadian companies pursuing global growth, particularly in fast-moving underserved markets where payment fraud and infrastructure challenges are rising. Here are the five most important takeaways from the conversation.