Data from Serasa Experian’s Fraud Attempt Indicator, Brazil’s first and largest datatech, reveals that in 2024, the number of prevented scams against banks and credit cards grew by 10.4% compared to the previous year, accounting for 53.4% of recorded frauds during the period. If realized, the estimated loss would reach R$51.6 billion.
Additionally, according to another survey conducted by Serasa Experian with consumers, 50.7% of Brazilians were victims of fraud in the past year, a jump of 9 percentage points compared to 2023. Of this total, 54.2% of the victims reported losing money.
Among the most frequently reported types of fraud by respondents, misuse of credit cards topped the list (47.9%), followed by financial scams such as fake payment slips and fraud via Pix (32.8%), phishing (21.6%), and bank account or social media breaches (19.1%).
Trust in the sector impacted by fraud incidence
The study also found that these occurrences impact consumers’ trust in online payment methods. The use of Pix for transactions fell from 69% in 2023 to 60% in 2024, and the perceived security of the method dropped from 32% to 22% in the same period. On the other hand, credit cards gained ground, with 84% of payments being made through them (compared to 79% in 2023) and considered reliable by 60% of respondents (46% in the previous year). See the relationship between usage and trust in payment methods in the following chart:
Regarding institutions’ protection capabilities, only 49% of respondents consider credit card companies effective in fraud protection—an increase from 41% in 2023 but still below ideal. Government agencies (37%) and e-commerce marketplaces (33%) are also among the segments Brazilians consider safer, while payment providers saw a drop in credibility, from 27% to 23%.
Seven out of 10 consumers (76%) surveyed also stated they are likely or very likely to pay more for a brand offering online security—up from 62% in 2023. Caio Rocha, Serasa Experian’s Director of Authentication and Fraud Prevention, warns that ‘this growth reflects increasing concern about data integrity and the impact of reputational risk, especially for banks, which need to reinforce customer trust by offering secure and robust fraud prevention solutions.’
Layered protection as a fraud prevention solution
To counter this trend, more secure authentication technologies are essential. The survey shows that physical biometrics is the most recognized fraud protection method among consumers, increasing from 59% in 2023 to 67% in 2024. Other methods, such as PIN codes sent to mobile phones (from 45% to 48%) and security questions (from 36% to 40%), are also used but face limitations against sophisticated scams. See the most recognized authentication methods in the following chart:
Caio Rocha explains that the relationship between financial scams and digital authentication is direct: criminals exploit human vulnerabilities through social engineering to steal data and impersonate consumers, accessing bank accounts, conducting unauthorized transactions, and executing increasingly sophisticated frauds. The stronger the authentication process, the lower the chances of criminals succeeding.
‘The more robust the authentication process, the lower the chances of criminals succeeding. With the rise of sophisticated frauds, such as deepfakes and AI-driven scams, it’s crucial to adopt technologies that are constantly enhanced, along with a layered fraud prevention strategy combining different technologies to strengthen security and boost trust in digital services,’ he concludes.
Research Methodology
The Serasa Experian study presents the results of the 2nd Wave with End Consumers, continuing the research initiated in 2023. The survey aimed to understand consumers’ online experiences and how authentication and fraud prevention services are perceived and valued. It sought to map these experiences, measure perceptions about authentication and fraud prevention service providers—including Serasa Experian—assess fraud incidence in the sample, analyze financial losses, and understand the impact of fraud on digital security concerns. It also examined which anti-fraud methods consumers are familiar with and which convey the greatest sense of security.
Data was collected in two distinct periods: from November 7 to 22, 2023 (804 interviews) and from November 4 to 18, 2024 (877 interviews), all conducted with individuals. The margin of error for the results is 3.4% in 2024 and 3.5% in 2023, with a 95% confidence interval.
The sample represents a predominantly class B demographic profile, with an average age of 41 and residents of capital cities. Among respondents, 54% were female and 47% male. The average age increased from 39 in 2023 to 41 in 2024. Regionally, the highest concentration was in the Southeast, with 45% of respondents in 2024, while the Midwest saw participation growth, rising from 7% to 10%.
