Online Fraud Hits Latin America Hard

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News Americas, NEW YORK, NY, Fri. Oct. 7, 2011: Online fraud is hitting top Latin American nations, including Brazil, Mexico and Argentina.

That’s according to the Proyecto Amparo (Support Project). A report by Patricia Prandini and Marcia Maggiore from the Montevideo-based group say phishing or online commerce fraud and theft of confidential data top 93 billion dollars in yearly losses to banks in the region.

“The scope of cybercrime in Latin America is really worrisome, with very likely scenarios of cyber-attacks and worrisome consequences for the population which include phishing losses to banks topping 93 billion dollars a year,” the Support Project stated.

The average cost of a cyber attack on a bank is 50,000 dollars, or 50-60 dollars per affected account, the study added.