Antifraud solutions can prevent R$500 million in losses on Black Friday, points out Serasa Experian

According to a projection by Serasa Experian, Brazil's first and largest datatech, over 89,000 fraud attempts could be prevented during the Black Friday weekend in Brazil, which this year occurs on November 29th. If successful, these fraud attempts could result in R$500 million in financial losses for companies and consumers. Considering the day of the event alone, 29,777 fraud attempts could be prevented, which could have caused R$166.6 million in damages.

“This is a time of year when many fraudsters try to take advantage of the volume and speed of these transactions to carry out scams, using fake links with attractive promotions for consumers, for example, who should be extra vigilant. Companies offering discounts should also prepare and enhance their protective barriers to avoid financial losses on one of the most important dates for commerce,” states Caio Rocha, Director of Authentication and Fraud Prevention at Serasa Experian.

according to the Fraud Attempt Indicator, produced monthly by the datatech, shows that in just the first six months of this year, a fraud attempt occurred every 3 seconds in the country, totaling 5.3 million in the period, prevented through its authentication and fraud prevention technologies.

Prevention first: tips to protect yourself

In addition to implementing technological and advanced antifraud systems, consumer awareness is essential for fraud prevention.

Serasa Experian's tips for consumers to avoid falling for scams during this period are:

 For consumers:

• Choose reliable websites and stores with a good reputation;
• Be wary of offers that are too attractive;
• Read reviews and opinions about the product;
• Beware of the free gift scam and do not make payments for unsolicited deliveries;
• Be cautious with links shared in social media messaging groups or via SMS;
• Register your Pix keys only on the official bank channels, such as the banking app, Internet Banking, or branches;
• Do not provide passwords or access codes outside the bank's website or app;
• Do not lend or sell your data;
• Do not make transfers to friends or relatives without confirming via phone call or in person that it is indeed the person in question, as the person's contact may have been cloned or spoofed;
• Enter your personal information and card details only if you are sure it is a secure environment;
• Keep your devices updated;
• Ensure your documents, cell phones, and cards are secure and have strong passwords for accessing apps;
• Create secure passwords and update them frequently;
• Monitor your CPF frequently to ensure you have not been a victim of any Pix fraud.
• For companies:  
• Invest in fraud prevention technologies to protect the integrity and security of your company's operations.
• In an increasingly digital and interconnected business environment, where fraud evolves and expands rapidly, layered fraud prevention is not just a best practice but a strategic necessity;
• Ensure the quality and veracity of the data for fraud prevention solutions by using solutions that constantly improve in the face of changing fraud threats;
• Deeply understand your user profile and constantly seek to minimize friction points in their digital journey, ensuring a smooth experience without compromising security.
• Use fraud prevention as a lever to generate revenue by implementing intelligent orchestration of solutions that maximizes security, reduces losses, and allows for a faster and more reliable shopping experience for the customer.