2023 Digital Banking Fraud Trends in Latin America
Welcome to the frontlines of financial security. BioCatch, the global leader in behavioral biometric intelligence, brings you an illuminating report on digital banking fraud trends in LATAM. This essential read reveals the harsh reality of cybercrimes plaguing the financial industry today.
In this report, you'll discover:
- The Alarming Surge in Social Engineering Attacks: A staggering 33% of all cases in 2023 are linked to these attacks, with notable spikes in Mexico, Brazil, Chile, and Argentina.
- The Startling Growth in Stolen Device Cases: Witness a 90% increase in these cases in the first half of 2023 as compared to the first half of 2022.
- Mule Accounts on the Rise: A significant 100% increase in reported mule accounts, spotlighting the growing challenges banks face.
- Diverse Scamming Methods Across LATAM: From the insidious "WhatsApp family" scam to the deceptive allure of "Investment scams," arm yourself with knowledge about the latest fraudulent tactics wreaking havoc in the region.
- Techniques Beyond Simple Theft: Learn about methods like "Shoulder Surfing," "SIM Swapping," and the "Facial Recognition Bypass" that criminals employ to breach security measures and access victim's bank accounts.
- The Call for Advanced Security: With victims often holding banks accountable for their losses, delve into how financial institutions in LATAM are implementing advanced solutions like machine learning and behavioral biometric intelligence to safeguard their customers and preserve their brand reputation.
Download the report now and fortify your defenses with BioCatch's insights on the evolving world of LATAM's digital banking fraud.