In this timely episode of The Voice of Retail, host Michael LeBlanc is joined by Aamir Lakhani, Global Director of Threat Intelligence and Artificial Intelligence at Fortinet, for a deep and sobering conversation on the evolving cyber threat landscape facing retailers as they close out 2025 and prepare for 2026.

Lakhani leads adversarial AI research within FortiGuard Labs, Fortinet’s global R&D arm, where his team studies how cybercriminals—ranging from lone actors to state-sponsored groups—exploit technology, human behaviour, and increasingly, artificial intelligence. With Fortinet protecting over half of the world’s firewall traffic, Lakhani brings unparalleled visibility into global cybercrime trends.

A central theme of the discussion is the explosion of credential-based attacks, where hackers no longer “break in” but simply log in using stolen usernames and passwords. Lakhani explains how years of data breaches have enabled automated attacks across thousands of retail, banking, and corporate systems, often at massive scale. Two-factor authentication, passkeys, and password-less systems are no longer optional—they are table stakes.

The conversation then turns to AI-driven fraud, which Lakhani describes as one of the most urgent threats retailers face today. From deepfake voice scams impersonating CEOs to hyper-personalized phishing attacks fueled by social media data, AI has dramatically lowered the cost and increased the sophistication of fraud. On a scale of concern, Lakhani rates AI fraud “off the charts.”

LeBlanc and Lakhani also explore deceptive domains, poisoned AI shopping results, and the risks associated with buy-now-pay-later programs, which fraudsters increasingly exploit through urgency-based scams. Importantly, Lakhani emphasizes that cybersecurity is now a shared responsibility across platforms, retailers, and consumers—especially as many small and mid-sized retailers rely heavily on platforms like Shopify.

Looking ahead to 2026, Lakhani offers clear guidance for retail leaders: invest in education, embrace AI-powered security tools, and do not shy away from automation. Cybersecurity, he argues, is no longer just an IT issue—it is a brand trust issue, a revenue protection issue, and a core leadership responsibility.

Cyberthreats Targeting the 2025 Holiday Season: What CISOs Need to Know and the report Cyber Threat Landscape Overview for the 2025 Holiday Season.

The Voice of Retail podcast is presented by Hale, a performance marketing partner trusted by brands like ASICS, Saje, and Orangetheory to scale with focus and impact.

Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur.  He has been on the front lines of retail industry change for his entire career. 

Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada’s Retail Marketing conference with leaders from Walmart & Google.  He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.

Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.

Rethink Retail has recognized Michael as one of the top global retail experts for the fifth year in a row, the National Retail Federation has designated Michael as on their Top Retail Voices for 2025, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer.  If you are a BBQ fan, you can tune into Michael’s cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.

Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.