FEATURE : ANALYTICS fund transfers , peer-to-peer transactions facilitated through apps , and general comfort with technology necessitating enhanced security measures .
Digital adoption also means riffs on fraud designed to exploit newer payment methods . PIX has been in the news recently as Brazilians struggle with PIX-related kidnapping fraud .
Brazilians are also grappling with bill payment scams , family-or-friend-in-distress scenarios and a wide variety of malware , such as keyloggers , target browsers and web-based apps .
Money laundering and payment fraud across international borders , into or out of Brazil , require a constantly evolving fraud strategy that considers AML objectives , instant payments , and other forms of digital payments , such as credit cards . Pandemic-era schemes in Brazil have taken on the same forms as in other countries .
Data breaches have become so rampant that Brazil was recently listed as the fourth-most breached country in the world in the second quarter of 2022 , potentially affecting 3.2 million consumers .
Fighting Digital Fraud : Eight Expert Strategies
The report also compiles eight recommendations to combat cybercrime , such as multi-factor authentication ; strong customer authentication controls at all digital access points ; digitally inclusive anti-fraud strategies ; incorporation of the 3DS protocol to reduce fraud in e-commerce ; taking advantage of ISO 20022 for fraud prevention and anti-money laundering ; educating account holders to recognize and report scam tactics ; consolidating anti-money laundering and know-your-customer ( KIO ) supervisory practices into a single platform and developing a multichannel threat assessment protocol .
Identity verification is an issue for all account-based transactions and money movement activities . Companies should leverage the extended and enriched detail capabilities of ISO standard 20022 whenever possible to aid in the sending and recipient tracking of all US-based funds . p
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