Brazil Records Increase in Electronic Fraud

The Brazilian Banks Federation warns customers that cybercriminal operations are on the rise, recent reports showing that total losses reached $460 million (322 million EUR) in just the first half of this year.

According to FICO, compared to last year, electronic criminal activities recorded a 36% increase, which means that hackers realized easy money can be made from the naivety of unsuspecting internauts.

Most of these crimes occur because customers fail to adopt appropriate safety measures that would protect their online assets, thus in many cases falling victims to phishing expeditions and other malevolent operations.

Unfortunately, Brazil doesn't have strict regulations that differentiate cybercrimes from regular crimes which means to clear punishments are not specified for them. The banks urge the Brazilian Congress to enact such laws, especially since the use of electronic payment methods is on the rise.