Latin Americans Fall Prey To More Online Scams As Cybersecurity Lags

• Latin America's recent progress on technological inclusion has created new opportunities for scams, experts say, with the pandemic fueling a trend toward mobile banking and shopping using payment systems like Brazil's hugely popular PIX.
• The region is increasingly online. In 2022, 77.9% of the population in Latin America and the Caribbean used the Internet, up from 74.8% the year before and above the global rate of 66.3%, according to the International Telecommunication Union (ITU). Nearly half of Latin American internet users spend an average of six hours a day on social media, according to a report by cybersecurity company Kaspersky.
• "The increasing reliance on new technology has made it easier for cybercriminals to attack more frequently," said Kerry-Ann Barrett, a cybersecurity specialist at the Organization of American States (OAS). The threats are increasingly complex and costly, costing the region billions annually, Barrett said.
• Latin America is a priority target because it has a very connected population, which means that they are always exposed," said Claudio Martinelli, managing director for Latin America for Kaspersky.
• Institutions and governments are also more vulnerable than in other parts of the world. In a ranking of 93 countries on cyber threat risks compiled by fraud prevention software, SEON, nine of the 10 Latin American countries were ranked in the bottom half. Three Latin American countries - Honduras, Nicaragua and Venezuela - were seen among the 10 countries with the highest risks for cyber threats.
• Latin America's ability to safeguard against future attacks is handicapped by a lack of regulation and judicial investigations, said Marcos Simplicio, a professor specializing in cybersecurity at the University of Sao Paulo. "Virtual crime is no different from physical crime," he said. "As long as it's making a profit, and if there is little chance of punishment, it will continue."

(Source: Reuters)