Phishing, a way of attempting to acquire confidential data such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication, at banks in Latin America together top 93 billion dollars in yearly losses, an IT conference has heard.
Brazil is the hardest-hit country among all the Latin American countries, then come Mexico and Argentina, according to the first such report to the LACNIC regional domain name registration conference here.
The investigation named the Proyecto Amparo reports,
“The scope of cyber crime 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.”
Patricia Prandini and Marcia Maggiore, officials of the Montevideo-based group, said,
“Threats are becoming more complex and more sophisticated.”
Moreover, the group warned the people related to the matter that the “criminal business model is expanding exponentially day by day.”
The study added, when banks are hit by a cyber attack the average cost is 50,000 dollars, or 50-60 dollars per affected account.