2024 Digital Banking Fraud Trends in Latin America
BioCatch’s 2024 Digital Banking Fraud Trends in Latin America report highlights the most prevalent types of fraud and financial crime plaguing the region’s financial institutions in 2024.
In this report, you’ll discover:
• Malware has exploded: Malware fraud jumped 113% in Latin America in the last 12 months, costing victims hundreds of millions of dollars.
• Stolen device fraud still trending upward: In a continuation of a trend BioCatch has observed since at least 2018, stolen device fraud continues to represent a top-three fraud type in the region.
• Grandoreiro wreaking havoc: This 7-year-old banking malware trojan keeps returning, targeting more than 1,500 financial institutions in the last year—more than 20% of which are located in Latin America.
• Regulation is coming: Chile and Colombia have already passed laws requiring banks to repay certain customers who fall victim to a scam, and Mexico and Brazil appear poised to do the same.
• Account takeover still a concern: While social engineering attacks are on the rise nearly everywhere, BioCatch still sees a substantial amount of account takeover in countries where regulation is less advanced, and fraudsters find it easier to compromise accounts.
Download now and fortify your defenses against fraudsters with BioCatch’s insights on the ever-evolving world of fraud and financial crime in Latin America.