2024 Digital Banking Fraud Trends in Brazil
BioCatch’s 2024 Digital Banking Fraud Trends in Brazil report highlights the most prevalent types of fraud and financial crime plaguing the country’s financial institutions in 2024.
In this report, you’ll discover:
• Stolen devices continue to be a problem: Half of all digital banking fraud in Brazil appears linked to stolen mobile devices.
• Bank impersonation scams a growing problem: Known locally as ‘falsa central’ scams, fraudsters pose as bank representatives or customer service agents, calling victims from vast call centers that specialize in these types of scams and conning them into revealing sensitive personal and financial information.
• Fraudsters love Pix: In 2022, more than 70% of Brazil’s total fraud losses stemmed from transactions on the instant payment platform.
• Romance scams pose additional dangers: In São Paulo, law enforcement linked 90% of kidnappings in the city to scams initiated through dating apps.
• Workers targeted: More than 80% of social engineering scams in Brazil take place within normal business hours.
• Behavior doesn’t lie: BioCatch recorded signs of distraction in 40% of fraudulent transactions, while seeing a burst of activity immediately prior to the scam taking place 60% of the time.
Download now and fortify your defenses against fraudsters with BioCatch’s insights on the ever-evolving world of fraud and financial crime in Brazil.