Gabriella Batalha didn't think much when she realized she had been logged out of her Instagram account. However, the day she was shocked to find her account flooded with sensational posts promoting high-yield cryptocurrency investments.
To regain access to her account, the 27-year-old lawyer from Rio de Janeiro had to pay 200 reais ($40) to a "consultant," she discovered on YouTube. She suspected that this consultant could have been a scammer himself.
"It was an experience that took me two days to recover my account," she expressed.
Batalha is not the one facing this issue. Online scams in Brazil witnessed a 65% increase year surpassing 200,000 cases, according to data published in the Brazilian Public Security Yearbook.
Online frauds and cyberattacks have reached a record level throughout Latin America, as highlighted by cybersecurity company Tenable. This poses a problem for a region that heavily relies on digital connectivity.
Experts suggest that Latin America's advancements in inclusion have inadvertently paved the way for scams. The pandemic has further accelerated this trend, with banking and payment systems like Brazil's widely popular PIX gaining prominence.
The regions growing internet penetration has significantly contributed to these challenges.
According to the International Telecommunication Union (ITU), in 2022, the internet usage rate in Latin America and the Caribbean reached 77.9% surpassing the average of 66.3%. This marks an increase from the year's rate of 74.8%.
A report by cybersecurity company Kaspersky reveals that almost half of Latin American internet users spend six hours daily on social media platforms.
Kerry Ann Barrett, a cybersecurity specialist at the Organization of American States (OAS), highlights that with the growing dependence on technology, cybercriminals can launch attacks more frequently. These threats have become increasingly intricate and costly, resulting in billions of dollars lost annually across the region.
In one instance reported by Perus attorney general's office, a group defrauded a construction company out of over $62,000 by posing as a bank using a website.
Meanwhile, media reports from Mexico indicate scammers targeting individuals with fraudulent job offers via text messages to obtain sensitive personal information.
Claudio Martinelli, Kaspersky Managing Director for Latin America, emphasizes that Latin America is a target for cybercrime due to its highly connected population who are constantly exposed to such risks.
Institutions and governments in Latin America face vulnerabilities compared to other regions. According to a ranking of risks compiled by fraud prevention software SEON, nine out of ten Latin American countries were in the lower half.
Among the ten countries with the highest risks for cyber threats three Latin American countries were listed: Honduras, Nicaragua, and Venezuela.
As highlighted by Tenable, Latin America had the highest proportion of unprotected data globally in 2022. This leaves companies with threats like ransomware, a type of attack that locks computers and demands ransom money for their release.
Ransomware accounted for six out of every ten attacks in 2022. Notably, Russian hackers targeted Costa Rica's finance ministry and demanded $10 million.
Marcos Simplicio, a cybersecurity professor at the University of Sao Paulo, emphasizes that insufficient regulations and limited judicial investigations hinder Latin America's ability to defend against future attacks. He states that virtual crime should be treated no differently than crime as long as it remains lucrative with minimal chances of punishment.