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Types of Financial Crimes on the Rise in Brazil

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Brazil’s reputation as a fintech hub has made it a prime target for cyber-criminals, with experts warning that the country is home to eight of the 13 most popular types of banking trojans globally. According to Kaspersky Lab, a cyber-security firm, Brazil recorded 1.8 million attempted infections from June 2022 to July 2023, making it the top country for attacks by banking trojans.

The Rise of Banking Trojans

The ease with which these trojans can be used has made them a popular choice among criminals, but as banks have developed better defences, cyber-thieves have been forced to adapt and become more sophisticated in their tactics. One example of this is Brazil’s underworld-developed “point of sale” malware, known as Prilex.

How Prilex Works

Prilex allows scammers to steal bank details from card readers by blocking contactless payments and intercepting the short-range connection between a credit card and payment terminal. When a customer inserts their card and PIN, the malware uses the credentials to authorize fraudulent transactions. In 2016, a hacker used a basic version of this software to remotely take over 1,000 ATMs in Rio de Janeiro during the city’s carnival celebrations.

The Impact of Instant-Payment Platform Pix

The success of Brazil’s instant-payment platform Pix has also contributed to the growth of financial crime in the country. With 3 billion transactions per month, five times more than those made through debit and credit cards combined, cyber-criminals have seen an opportunity too good to pass up. As a result, Brazilians are being warned to be vigilant when using online banking services and to keep their account information secure.

The Risks of High Fintech Adoption

Experts say that the country’s high adoption rate of fintech technology has made it easier for criminals to target victims. With 44% of customers having digital-only accounts, compared to less than 20% in the United States and Canada, Brazil is a prime target for cyber-criminals looking to exploit its fintech infrastructure.

Conclusion

As the country continues to grow as a fintech hub, authorities must work to stay ahead of these criminals and protect the financial information of Brazilian citizens. It is essential that Brazilians take steps to secure their online banking services and remain vigilant against potential threats.