Brazil becomes a hotbed of financial cybercrime
The spread of breached identity information has resulted in an outbreak of new account creation fraud with a new ground zero for the crimes pointing right at Latin America.
Developing economies are emerging as epicenters for global cybercrime expansion, with Brazil being in the top five attacking nations during the first quarter of the year. Those attacks center on neighboring countries such as Argentina and Colombia and spread into key digital economy areas in the U.S. and U.K.
One-quarter of all account registrations from Latin America is being rejected as fraudulent, according to the first-quarter cybercrime report from ThreatMetrix. The stolen and synthesized identities are being used to attack the growing Latin America e-commerce market, as well as major global American retail corporations.