From the state bank they assure that the total number of fraudulent digital transactions amounts to u$s 2.8 million since 2020.
He Republic Bank (BROU) reported that he managed to recover the 63% of the amounts that his clients lost through scams, as he explained before the Parliament the president of the bank Salvador Ferrer. The total number of fraudulent digital transactions amounts to 2.8 million dollars from the year 2020.
Ferrer maintained that almost 40% of the total could not be recovered and ended up in the coffers of cybercriminals. Likewise, he pointed out that the total amount lost involves some 600 customers affectedby reason of an average of more than $4,600 per customer.
However, last Thursday, April 20, the chief made it clear to the Finance Commission of the Chamber of senators that “it is not the responsibility of the bank to take charge of the losses suffered by the client“.
In the period from March 2022 to February 2023 62,377,096 transactions were completed through eBROUof which some 1,415 were denounced. Given these data, Ferrer assures that “the evidence shows that the volumes of fraudulent transactions are absolutely marginal”.
Despite the fact that fraud cases doubled in 2022, with a complaint for every 50,000 transactions, during 2023 the dynamics seem to return to the levels of 2021, when it warned one case of fraud every 100,000 transactions.
90% of fraud cases were due to phishing
Ferrer clarified that 90% of fraud cases occurred through the phishing modality, by which cybercriminals pretend to be people or companies, and achieve through emails or messages that bank customers answer them by revealing personal information. On the other hand, account hacks accounted for 10% of the remaining cases.
However, the banking institution has not yet found an explanation for the increase in scams that occurred over the past year. On this, Ferrer said that “it is difficult to find a clear explanation, but surely it has to do with a massive wave of attacks on users.”