Brazil: Where Financial Crime Thrives, Why?

Brazil has become a hotspot for financial crime due to its success as a fintech hub. The country has a high rate of online banking adoption, with a significant number of customers using digital-only accounts. This has attracted cyber-criminals, who are using “banking trojans” to steal users’ account information. Brazil is also the top country for attacks by banking trojans, with a high number of attempted infections. The country has also developed advanced point-of-sale malware and has seen an increasing use of ransomware. The financial losses from cyber-crime in Brazil are significant, estimated at around $20 billion per year.

Despite efforts to combat cyber-crime, such as a data protection law and increased investment in cyber-security by banks, the problem continues due to naive customers falling for scams. Until customers are better educated about the risks, financial crime in Brazil is likely to persist.