Online bank fraud in Brazil worth BRL 685 million in H1 2011

Wednesday 24 August 2011 | 08:14 CET

Losses from online banking fraud in Brazil totalled BRL 685 million in the first half of 2011, an increase of 36 percent over the same period of 2010, the Brazilian Federation of Banks (Febraban) said in a statement on 23 August. In the first half of last year, these losses were estimated at BRL 504 million. According to the technical director of Febraban, Wilson Gutierrez, the increase is due to the "increasing use of electronic media as a form of payment, lack of legislation that inhibits the progressive action of criminals with effective punishments and because of oversights by some users."

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