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Data Protection

Fraud in Brazil: 2.8M in 2022. Is your company on the list?

In the first half of 2022, in the period from January 1 to June 30, according to ClearSale’s Fraud Map, there were an impressive 2.8 million cases of attempted fraud in Brazil. This shows how far we have to go in terms of cyber protection and security.

Compared to the same period in 2021 we had a growth of 9%. In values, the total comes to more than R$2.9 billion. Compared to last year, this number was almost 10% higher.

Cybercrime on the rise. Your company cannot be part of the fraud statistics in Brazil

Brazilian organizations have become increasingly vulnerable to fraud and cybercrime in recent years. A growing number of businesses rely on digital systems and networks, which can be targeted by criminals who wish to steal data or disrupt operations.

In addition, many companies do not have adequate security measures in place to protect their online assets.

The impact of cybercrime can be significant, causing financial loss, reputational damage, and even legal problems.

The main reasons for the advance of cybercrime in Brazilian companies are the following:

Lack of awareness about cybercrime and fraud in Brazil:

The lack of awareness about cyber risks and fraud is one of the main reasons why businesses here in Brazil are targets of cybercrime.

Often, administrators are not aware of the dangers that exist online and end up becoming victims of scams.

High level of connectivity:

Brazil is an extremely connected country, with more than 200 million Internet users.

This means that there are many people who can be targeted and serve as a “shortcut” to a larger attack directed at companies.

Cybersecurity vulnerabilities are everywhere:

Organizations face an increasing number of threats, such as malware, phishing, and DDoS attacks. This is due to the increasingly complex nature of the Internet and the increasing connectivity of businesses.

In addition, criminals are becoming increasingly sophisticated and able to find new ways to carry out their attacks.

Cybercriminals are getting smarter:

Cybercriminals are becoming more and more skillful and are using increasingly sophisticated techniques to attack companies and carry out fraud in Brazil.

They are benefiting from people’s lack of awareness of the dangers of the Internet and the lack of security in organizations.

Ease of payment of redemptions:

The criminals demand ransoms in bitcoins or Pix. This makes it easy for them to get the money they need to continue their criminal activities.

As a result, it is important that Brazilian companies are aware of the risks of cybercrime and take steps to protect themselves.

This includes investing in robust security measures and educating your employees about the risks.

How can companies protect themselves from fraud in Brazil?

There are several ways in which companies can protect themselves from fraud and cybercrime in general. Some of the security measures they can take include:

  • Train employees:

One of the main problems faced is the lack of awareness about fraud and other cyber risks.

Therefore, it is important to train employees so that they are aware of the dangers and know how to avoid them;

  • Implement security measures:

Companies also need to implement robust security measures to protect their systems and data from fraud in Brazil.

This includes things like firewalls, encryption, and other security technologies;

  • Adopt anti-malware and anti-virus protection:

These tools are essential for keeping systems secure and protected against cyber threats;

  • Keeping systems up to date:

Organizations should always keep their systems up to date with the latest security patches.

This will help prevent cybercriminals from exploiting vulnerabilities present in outdated systems and carrying out different types of fraud;

  • Create a contingency plan:

It is important for companies to create a contingency plan to deal with cyber attacks.

This plan should include the measures to be taken to minimize the damage caused by attacks and ensure business continuity;

  • Monitor network traffic:

Organizations should monitor network traffic to detect suspicious activity.

This will help identify cyber attacks in a timely manner and take the necessary steps to prevent them.

Cybersecurity is a must for business growth and the fight against fraud in Brazil

Fraud and cyber threats are serious problems that affect everyone. Organizations of all sizes from all sectors of the world have been hit by cyber attacks, whether it’s the social media giant Facebook or a small local business.

The continuous development of technology has left all of us vulnerable to cyber attacks. The rate of cyber fraud is increasing year after year and will never stop.

Therefore, without cyber security, cybercriminals can steal our information, money, and reputation.

There are many ways to protect your business against fraud in Brazil and cyber attacks, all you need to do is understand the importance of cyber security and take action!

PayShield 10K guarantees your company’s payment security against cyber attacks

The fifth generation of payment HSMs from Thales, an EVAL partner company, offers a suite of proven security features in critical environments, in addition to transaction processing, protection of sensitive data, payment credential issuance, mobile card acceptance, and tokenization.

payShield 10K can be used throughout the global ecosystem by issuers, service providers, acquirers, processors and payment networks, offering a number of benefits for companies, demonstrating Thales’ commitment to the continuous improvement of its products in the fight against fraud.

High performance cryptographic support

Today, card payments and online digital payments are growing year by year, requiring you to constantly monitor and upgrade your processing bandwidth.

payShield 10K offers significantly higher RSA and 3DES performance than its predecessors, which can reduce the number of devices in the previous version and lower your costs.

In terms of protection, this faster cryptographic mechanism also provides more consistent and predictable performance across all host commands, even in heavy load situations and when secure TLS-based communications are in use.

In addition, to support new payment methods, payShield 10K is able to leverage very fast hardware-based ECC processing in addition to the legacy 3DES, AES, and RSA algorithms.

Many of the emerging payment credential issuance use cases use ECC instead of RSA, especially when the payment instrument is a mobile, IoT or connected device.

payShield 10K is ready for enhancement to support a much wider range of cryptographic algorithms and mechanisms as they become formalized as part of the growing range of payment security specifications.

In practice, payShield 10K offers the following benefits for companies seeking PCI DSS 4.0 certification:

  • Simplifies deployment in data centers;
  • It offers high resiliency and availability;
  • It provides the broadest card and mobile application support in a timely manner;
  • Supports performance upgrades without hardware change;
  • Maintains compatibility with all legacy Thales payment HSMs.

With its enhanced features, payShield 10K is well suited to handle the ever-changing landscape of payment security.

With payShield 10K you are assured that your company meets the highest security standards in the financial industry.

EVAL Professional Services has a team of specialized professionals with the best practices in the market

Benefit from our years of experience and expertise in information security and compliance with the LGPD (General Data Protection Act).

We will be your partner for realizing digitization projects in compliance with security and data protection regulations.

We share our expertise across all business flows in healthcare organizations to help you minimize risk, maximize performance, and ensure the data protection your patients and partners expect.

About Eval

With a track record of leadership and innovation dating back to 2004, Eval not only keeps up with technological trends, but we are also in an incessant quest to bring news by offering solutions and services that make a difference to people’s lives.

With value recognized by the market, EVAL’s solutions and services meet the highest regulatory standards of public and private organizations, such as SBIS, ITI, PCI DSS, and LGPD. In practice, we promote information security and compliance, increase companies’ operational efficiency, and reduce costs.

Innovate now, lead always: get to know Eval’s solutions and services and take your company to the next level.

Eval, safety is value.

Written by Arnaldo Miranda, Evaldo. Ai, reviewed by Marcelo Tiziano and designed by Caio.