Growing Digitization Derives in Greater Scam Risk: Kaspersky

The increasing digitization of the financial sector is making it increasingly vulnerable to cyber threats, states Kaspersky’s Threat Landscape report. In response, executives and companies are promoting the adoption of safe practices for users, while implementing the use of specialized software and proactive strategies to mitigate these threats.

“The greater the number of connections, the greater the overexposure to new threats and the greater the risk of suffering new indiscriminate attacks," says Carlos Valenciano, CEO, Alai Secure. 

In the context of the financial industry, concerns have intensified in the Mexican landscape, especially for those who do not have access to traiditional financial services, according to Kaspersky's recent Threat Panorama. This represents about 54% of Mexican adults who save informally, making them vulnerable to cyber scams, states ENIF.

During the first half of 2023, Latin America recorded 2,274 malware infection attempts per minute. In this same period, Mexico witnessed more than 14 billion attempted cyberattacks, according to figures from Fortinet. This highlights the growing sophistication and frequency of cyber threats in the region and in the country. Attacks through phishing messages, have been the fastest growing nationwide, with a significant increase in detections in instant messaging applications such as WhatsApp, recording an 82.71% increase in 2023, according to Kaspersky data.

Won Kil Park, Fraud Director, Ualá, recommends end users to look out for retail offers that seem too good to be true and to not respond to those messages and deleting them immediately, in addition to blocking and reporting the corresponding number. “Prompt reporting is essential, as scammers often withdraw funds quickly to avoid being traced,” he says. Scammers have recently opted for fake job offers to try to lure victims, as well. Before investing or accepting job offers, Park recommends to carefully analyze the legitimacy of the offer. Promises of quick profits can be red flags. “Do not be lured by the illusion of easy extra income; in most cases, these offers result in financial loss and compromise of personal information,” Park adds. 

"Victims often seek free alternatives to avoid paying for a service, which can lead to malware being installed on their devices. Unfortunately, in Latin America, the culture of ‘free’ often leads to piracy, which puts users at risk. Avoiding this problem requires the adoption of safe practices and the use of official software and programs," says Fabio Assolini, Director of the Global Research and Analysis Team, Kaspersky Latin America.

A study conducted by Capterra, in which executives from different financial companies were surveyed, revealed that to address these threats and ensure a safe and secure work environment, companies have implemented strategies such as regular data backups, integration of secure password policies and regular software updates, constant monitoring of suspicious behavior within their networks, and increased investment in cybersecurity tools and software for the second half of the year.