According to Brazils banking association Febraban, online security experts warn that jail terms ranging from two months to three years may be insufficient to fight electronic fraud, a problem that has cost the local financial industry USD 700 million in 2012.
Brazil ranks among the worlds top producers of spam, Trojan viruses and phishing, according to security firms, and until now Brazilian cyber criminals have operated in the open, trading stolen data in online forums. Online theft has not only hit the financial industry but is also seriously affecting Brazil’s growing online retail market.
According to official figures, reported phishing attacks in Brazil jumped 95 percent in 2012, and RSA states that Brazil is the worlds fourth-biggest host of such attacks after the US, Britain and Germany.
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