Attempts at bank fraud grew by 10.4% in 2024 and could generate losses of up to R$ 51.6 billion, reveals Serasa Experian

Data from the Serasa Experian Fraud Attempts Indicator, the first and largest datatech in Brazil, reveal that in 2024, the number of frauds avoided against banks and credit cards grew 10.4% compared to the previous year, representing 53.4% of the frauds recorded in the period. If they were carried out, the estimated loss would reach R$ 51.6 billion.

In addition, according to another survey conducted by Serasa Experian with consumers, 50.7% of Brazilians were victims of fraud in the last year, a jump of 9 percentage points compared to 2023. Of this total, 54.2% of victims said they had lost money.

Among the most recurrent types of fraud reported by respondents, credit card misuse topped the ranking (47.9%), followed by financial scams such as fake tickets and fraud via Pix (32.8%), phishing (21.6%) and hacking of bank accounts or social networks (19.1%).

Confidence in the sector impacted by the incidence of fraud

According to the survey, these occurrences have been shown to impact consumer confidence in online payment methods. The use of pix to carry out transactions fell from 69% in 2023 to 60% in 2024 and the security perspective on the modality was from 32% to 22% in the same period. On the other hand, the credit card gained space, with 84% of payments being made through it (formerly 79% in 2023) and considered reliable for 60% of the respondents's use of the following methods:1T13T chart and (13T13T1st payment in the following methods:13T13T.

Regarding the ability of institutions to protect, only 49% of respondents consider credit card companies as effective in protecting against fraud (31% increased from 411T3T in 2023, but still below ideal. Government agencies (37%) and e-commerce marketplaces (33%) are also among the segments that Brazilians consider most secure, while payment providers have decreased credibility, from 27% to 23%.

Seven out of 10 consumers (76%) surveyed also said it is likely or very likely to pay more for a brand offering online security 2023 this indicator was 62%. Serasa Experian's director of authentication and fraud prevention Caio Rocha warns that “this growth reflects growing concern about data integrity and the impact of reputational risk, especially for banks, which need to bolster customer trust by offering secure and robust fraud solutions”.

Layered protection as a fraud solution

To contain this advance, more secure authentication technologies are essential. The survey points out that physical biometrics is the most recognized method by consumers for fraud protection, going 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 known authentication modalities in the following chart:

Caio Rocha explains that the relationship between financial scams and digital authentication is direct: criminals exploit human failures through social engineering to steal data and impersonate consumers, accessing bank accounts, performing improper transactions and applying increasingly sophisticated scams. 

“The more robust the authentication process, the lower the chances of success of criminals. With the advancement of sophisticated scams such as deepfakes and fraud driven by artificial intelligence, it is important to consider adopting technologies that are constantly improved, as well as a layered fraud prevention strategy, combining different technologies to strengthen security and strengthen trust in digital services”, he concludes.

Research Methodology

The study by Serasa Experian presents the results of the 2nd Wave with End Consumers, continuing the study started in 2023. The survey was conducted in order to understand the online experiences of consumers and how the authentication and fraud prevention services are perceived and valued. The research sought to map these experiences, measure the perception of authentication and fraud prevention service providers, including Serasa Experian, assess the incidence of fraud in the sample, analyze financial losses and understand the impacts of these frauds on the concern with digital security. It was also analyzed which anti-fraud methods consumers know and which convey greater sense of security.

Data were collected in two distinct periods: from 07 to 22 November 2023 (804 interviews) and from 04 to 18 November 2024 (877 interviews), all conducted with individuals (PF). The margin of error for the results is 3.4% in 2024 and 3.5% in 2023, with a confidence interval of 95%. 

The sample represents a demographic profile predominantly formed by people of class B, with a mean age of 41 years and living in capitals. Among the respondents, 54% are female and 47% male. The average age went from 39 years in 2023 to 41 years in 2024. In regional terms, the highest concentration is in the Southeast, with 45% of respondents in 2024, while the Midwest registered growth in participation, going from 7% to 10%.