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Companies are looking at investments in digital marketing for 2025

According to exclusive data from the "Marketing Compass" study conducted by Croma Consulting, 74% of agency budgets will be allocated to digital media. Among the 26% allocated to other media, free-to-air TV stands out with 13%, followed by OOH with 7%. Social Networks (29%) and search engines (22%) lead as the main digital investment channels in 2025, reflecting the growing importance of performance and segmentation.

Of the 74% of the budget allocated to digital marketing, 29% will be allocated to social media. Among advertisers with annual revenue of up to R$300 million, this number rises to 35%. Search engines will receive 22% of the allocated funds. Among service companies, this percentage rises to 28%.  

Regarding resource allocation, there is a balance between different strategies: promotions (23%), influencers (22%), sponsorships (21%), and retail media (16%). While retail will intensify promotional actions (31%), the industry will increase investments in influencers (29%) and sponsorships, and retail media will gain more space among service companies (20%).

The revealed insights show a market increasingly driven by technology and performance. Artificial Intelligence will be one of the main drivers of innovation, with 75% of advertisers betting on it for automation and personalization. Retail Media is consolidating as a strategic force, transforming the relationship between brands and consumers within e-commerce ecosystems. At the same time, OOH maintains its relevance as a hybrid medium, combining physical presence and digital intelligence to impact audiences more precisely, explains Edmar Bulla, founder of Grupo Croma and creator of the study.

2025 is the year of Artificial Intelligence and the precision of marketing strategy

According to the survey, despite the decline in optimism from 53% in 2024 to 40% in 2025, companies remain intent on increasing marketing investments (52%), indicating a year of strategic adjustments and results analysis.

Artificial Intelligence will gain even more space in marketing and communication strategies, increasing from 64% in 2024 to 75% in 2025, expanding automation, personalization, and efficiency in campaigns.

A total of 151 interviews were conducted between December 12, 2024, and January 21, 2025, nationwide, with companies from various sectors representing the service, industry, and retail sectors, with a 95% confidence level.

Quantitative research is applied to decision-makers or influencers who have autonomy regarding the marketing and communication investments of advertising companies.

With terms like "Consumer Rights" and "fraud" in focus, Consumer Day generated over 6,000 comments on social media.

Consumer Day, celebrated on March 15th, was the subject of 6,245 publications on digital channels from January 1st to March 17th. In March, there were 5,945 publications, with the day with the most posts being March 15th, with over 2,600 publications on the subject and an average of 349 comments per day, according to STILINGUE by Blip monitoring, a multichannel platform aimed at creating better digital experiences between brands and consumers through social listening and the potential of artificial intelligence.

The analysis indicates that "Promotions," "Consumer Rights," "Fraud," "Expensive vs. Cheap," and "Thank You" were the most used terms in mentions of Consumer Day.According to the study, 63% of them were classified as positive, 31% considered neutral, and 16% observed as negative. Regarding the offers, there were over 1,300 interactions with the themes "exclusive promotions" and "unmissable discounts" to attract the attention of potential customers.

Regarding consumer rights, more than 400 publications mentioned the subject, warning buyers to be attentive to the Consumer Defense Code. The word "protection" was widely used in the posts, aiming to reinforce the importance of caring for consumers. Regarding "fraud," about 100 publications were related to false promotions, with "olive oil" being the product most frequently associated with the term, followed by "online shopping."

Of all the conversations, 33% were on X (formerly Twitter), 28% on news portals, 28% on Instagram, and 17% on Facebook.Another piece of information that monitoring reveals is that 70% of the buzz from posts came from organizations and companies, 21% from the female audience, and only 9.3% from men – which can help many brands define their strategies for next year's Consumer Day.

Companies in the food and beverage sectors were the most active in publishing, represented by supermarkets, markets, and wholesale networks. Chocolate shops also appeared with promotions, along with the automotive, travel, and technology sectors, which also stood out in the monitoring.

"Consumer Day has gained significant traction from retail and companies across various sectors, which take advantage of the date to sell more by using social media to promote promotions, delight customers, and attract new consumers. We see how social listening is also proactive for this period, where brands can monitor words, trends, and the most discussed topics to adapt and improve their promotional activations. Undoubtedly, some of the insights gained from social media monitoring become important tools in planning for upcoming commemorative dates and even for Consumer Day in 2026," concludes Menedjan Morgado, Insights Manager at Blip.  

STILINGUE methodology by Blip

The monitoring took into account channels such as X (formerly Twitter), Facebook, Instagram, blogs, portals, BlueSky, forums, Reclame Aqui, and YouTube. The data presented reflect the volume of mentions associated with Consumer Day. For data collection, the keywords "Consumer Day," "praise," "criticism," "discount," "most advertised products," and "daily promotions" were mapped.

Digital marketing leads investments in marketing for 2025

According to exclusive data from the "Marketing Compass" study conducted by Croma Consulting, 74% of agency budgets will be allocated to digital media. Among the 26% allocated to other media, free-to-air TV stands out with 13%, followed by OOH with 7%. Social Networks (29%) and search engines (22%) lead as the main digital investment channels in 2025, reflecting the growing importance of performance and segmentation.

Of the 74% of the budget allocated to digital marketing, 29% will be allocated to social media. Among advertisers with annual revenue of up to R$300 million, this number rises to 35%. Search engines will receive 22% of the allocated funds. Among service companies, this percentage rises to 28%.  

Regarding resource allocation, there is a balance between different strategies: promotions (23%), influencers (22%), sponsorships (21%), and retail media (16%). While retail will intensify promotional actions (31%), the industry will increase investments in influencers (29%) and sponsorships, and retail media will gain more space among service companies (20%).

The revealed insights show a market increasingly driven by technology and performance. Artificial Intelligence will be one of the main drivers of innovation, with 75% of advertisers betting on it for automation and personalization. Retail Media is consolidating as a strategic force, transforming the relationship between brands and consumers within e-commerce ecosystems. At the same time, OOH maintains its relevance as a hybrid medium, combining physical presence and digital intelligence to impact audiences more precisely, explains Edmar Bulla, founder of Grupo Croma and creator of the study.

2025 is the year of Artificial Intelligence and the precision of marketing strategy

According to the survey, despite the decline in optimism from 53% in 2024 to 40% in 2025, companies remain intent on increasing marketing investments (52%), indicating a year of strategic adjustments and results analysis.

Artificial Intelligence will gain even more space in marketing and communication strategies, increasing from 64% in 2024 to 75% in 2025, expanding automation, personalization, and efficiency in campaigns.

A total of 151 interviews were conducted between December 12, 2024, and January 21, 2025, nationwide, with companies from various sectors representing the service, industry, and retail sectors, with a 95% confidence level.

Quantitative research is applied to decision-makers or influencers who have autonomy regarding the marketing and communication investments of advertising companies.

AdTechs and their trends for 2025: we are here and stronger than ever

AdTechs continue to play a crucial role in the digital marketing sector, driven by technological advancements and changing consumer expectations. In 2024, specifically, the AdTech universe was the stage for two central debates: the discontinuation of cookies and the ubiquitous use of Artificial Intelligence. And, it seems, they promise to continue their protagonism this year, along with other challenges.

In the context of cookies, if they raise societal concerns about user privacy, they are also essential for ad personalization, providing a more relevant experience for the consumer. With browsers gradually eliminating support for third-party cookies, it is up to AdTechs to focus on alternative solutions for tracking and personalization, for example.

The use of Artificial Intelligence tools for online and offline campaigns has begun to revolutionize the way AdTechs can deliver results for their clients. AI, especially in its generative aspect, is already changing the landscape of the sector. With an initial focus on reducing operational costs, the tools become even more accessible and dominant in 2025 for ad customization and optimization, helping companies deliver more efficient and targeted campaigns.

Hybrid monetization, a strategy that combines different formats to increase revenue, should expand beyond the app universe – and AI will also be its engine here. After all, the approach that allows combining ads and purchases on the same platform tends to be adopted by various segments, and the use of AI can project scenarios and assist in developing more efficient strategies. Furthermore, AdTech platforms that help companies diversify their revenue streams should stand out, as more advertisers are expected to explore their own inventories.

In the macro scenario, with advertising budgets optimized to the extreme, the preference for direct value metrics such as CPA (Cost per Acquisition), ROAS (Return on Advertising Spend), and LTV (Customer Lifetime Value) will continue to grow, and once again, AI assists in the creation of reports and result tracking dashboards.

AI-based AdTech platforms help automatically adjust investments in real time, directing more resources to channels or campaigns that are performing better. In this case, indicators associated with "vanity metrics," such as CPM (Cost per thousand impressions) and CPC (Cost per click), will become less relevant as advertisers seek more accurate returns on their investments.

A world without cookies? 

Even with the overwhelming rise of AIs, the main goal for 2025 will be to find solutions that harmonize and balance the dichotomy of privacy and personalization, meeting the expectations of consumers and the needs of advertisers. Meanwhile, in a constantly evolving advertising market, companies will need to demonstrate agility and diversify their monetization strategies.

Alongside this, the retail media (orretail media) also stands out as one of the highlights of digital marketing this year. In the face of a shortage of advertising inventories, the modality emerges as an interesting solution, especially for small and medium-sized retailers who will be able to explore their own advertising spaces more easily. Furthermore, the use of primary data in these channels, without the need to share information with third parties, can simplify privacy-related issues.

With this, retailers turn their digital channels into secondary sources of revenue and enhance the information ecosystem by offering relevant advertising content that helps strengthen the relationship with consumers. In this regard, with consumers increasingly inclined to make purchases via apps instead of browsers, apps are consolidating as a strategic channel for AdTechs.

Not by chance, tools offered by streaming platforms already allow merchants to reach app audiences without the need to create an app from scratch, expanding the possibilities of acquiring new users. Furthermore, apps, especially in the gaming sector, should become a significant source of advertising inventory, combining ads with in-app purchases.

And as advertising budgets shift even more rapidly from open TV to digital, creativity in exploring new inventories and creating interesting ads is the big "X" factor at the moment. The challenge for AdTech companies is significant, but there is an open path to numerous opportunities.

Finally, one of the industry's major challenges remains rethinking the approach to advertisements, which are often seen as irrelevant or invasive. To capture the consumer's attention, it is essential that advertising provides added value rather than being just a source of annoyance for a potential customer.

Jessé Benedito is the Lead Partnerships Manager at Yango Ads Space in Brazil 

Almost one-third of Brazilians see online shopping as the activity most vulnerable to fraud, shows a survey.

Despite the growth in e-commerce over the years, this sector has faced significant barriers related to user trust. According to a survey conducted by the Brazilian Federation of Banks (FEBRABAN), 8 out of 10 Brazilians fear being victims of online fraud, and 35% of respondents identify online shopping as the activity most vulnerable to unauthorized access to their personal data.

To Marlon Tseng, CEO ofSmiling, a payment gateway specializing in solutions that connect businesses to emerging markets, "people fear that their information will be leaked or used improperly, especially on unknown platforms or those that do not convey credibility. Additionally, the lack of clarity about privacy policies and the absence of security seals significantly contribute to this negative perception."

Another point highlighted by the research is the concern about fraud. With the increase in online scams, consumers are more cautious when entering sensitive data, such as credit card numbers and passwords. This caution, although justifiable, directly impacts companies' conversion rates, causing them to lose potential sales.

To reverse this scenario, Tseng emphasizes the importance of companies adopting measures that prioritize security on their platforms, with clarity in data handling and transparent communication about how information is protected. Diversification in payment options is also a key factor in reducing consumer resistance. Offering a variety of widely recognized methods, such as Pix, bank slips, and digital wallets, in addition to credit cards, can enhance the customer's sense of control.

Marlon highlights that this flexibility not only caters to individual preferences but also demonstrates that the company is aligned with the needs and expectations of its audience. Furthermore, the implementation of encryption certificates, such as SSL (Secure Sockets LayerThe display of trust seals recognized by the market and the simplification of privacy policy information can build a trusting relationship with the consumer.

"Investing in transparency and ensuring a secure digital experience for your users allows the company to fully leverage the potential of e-commerce, not only strengthening the brand but also gaining the loyalty of more customers," concludes the CEO.

Consumer Month: check out essential tips to enhance your relationship with your customer through Artificial Intelligence

Consumer Day, celebrated annually on March 15th, is marked by numerous promotional activities carried out by companies, but these actions are not limited to a single day and can extend until the end of the month. The period is also called the First Semester Black Friday, as many stores offer discounts on products and services to consumers.

A survey conducted by Reclame AQUI, a Brazilian complaint website against companies, showed that 51.2% of the surveyed customers prefer to pay more for a product as long as the purchasing process is satisfactory. The AI revolution, combined with the customer's protagonism, makes conversational commerce one of the pillars for brands to capture customer attention. And for this to happen, brands are elevating their level of creativity and relevance to capture customers' interest, integrating cutting-edge artificial intelligence into their engagement strategy and generating conversations that strengthen a deep connection between them.

According to the Business Messaging and the Future of Customer Experience in Brazil report, produced by Gupshup in 2024, more than half (52.7%) of Brazilian respondents identify "the ability of both parties to listen to each other" as the most important quality of a genuine conversation. This shows that the new era of AI seeks more genuine, empathetic, and human online relationships, like those consumers have with a trusted friend.

To deepen the understanding of adopting Conversational AI in customer interactions, qualifying leads, and optimizing operational costs, Renata Martins, Customer Success Manager at Gupshup, shares some tips.

  1. Focus on your client's attention

Speaking to the consumer in a more precise and personalized way is gaining increasing strength, and capturing the customer's attention is one of the main differentiators of a brand. For this, AI tools must understand the signals that make conversations more natural and engaging, as it is an essential way to strengthen a connection with the customer. Effective communication is one of the key strategies to increase engagement.

With the high volume of available information, it is necessary to use new technologies to understand the customer and personalize their experience. Companies can use machine learning algorithms to identify customer behavior patterns and offer what is most relevant to them.

  1. Know that every conversation matters

Conversations play a crucial role in business development, as they build trust, break down barriers, inspire new ideas, and drive innovation. To create a truly relevant conversation, the authenticity of the content needs to become increasingly important to retain the customer.

Companies should focus on producing genuine and personalized content. This can help create a stronger emotional bond with customers. At Gupshup, there is the principle of transforming the customer experience through meaningful dialogues. After all, every conversation matters!

  1. Use and abuse of agentic AI

Agentic AI is essential for creating personalized conversations, as it allows artificial intelligence systems to make autonomous decisions and adapt their responses with more context, naturalness, and relevance. One point to highlight is that AI can learn through previous interactions and adjust the tone, language, and topics presented based on individual preferences.

Unlike traditional AIs that only respond based on a single input, agent AI can store relevant information and maintain context throughout the conversation, making the dialogue more fluid and coherent. She can make proactive decisions, suggest relevant topics, adjust the conversation style, or even anticipate the user's needs without them having to explicitly request it. Personalized conversations require dynamic and adaptable responses, something that agent AI can do better by recognizing patterns and emotions in communication.

Among Gupshup's clients who are already using agent AI are the Saudi automotive company Petromin, with a WhatsApp customer service solution, the Brazilian fashion retailer Reserva, with an agent for product discovery and customer engagement, and an Indian spice brand that created an agent providing culinary recipes.

  1. Avoid cart abandonment fees via WhatsApp

It is necessary to understand how to convey security to the customer so that they feel safe and complete the purchase. Making e-commerce less impersonal through personalization is the major paradigm shift brought about by agentic AI.

This escalation, capable of making messaging channels more humanized, makes the cart abandonment process more humanized and closer to a real-time experience with a salesperson. This is only possible by responding to the questions consumers asked when they put a product in the cart but did not purchase it, and with the arrival of agent AI, it becomes easier to advance in this conversation until there is overflow, giving a little "push" to that indecisive consumer. Without a doubt, it is a very fertile territory to explore.

Discover technologies that enhance customer experience and boost business conversion

The recent Consumer Day celebration reinforced the importance of swift, personalized, and efficient service to attract customers and boost business. A Digit TechnologyBrazilian company with 47 years specializing in developing solutions for customer service stands out in this scenario, especially at a time when many companies are assessing their performance and seeking to optimize the purchase journey, improve sales conversion, and ensure quality support.

Specialized in solutions for e-commerce and companies operating with multichannel support, Dígitro offers essential tools to increase efficiency during demand peaks and promotional campaigns. For André Jansen, the company's Operations Director, investing in cutting-edge technology is essential to ensure excellent service, especially during critical periods.

"With a robust portfolio and intelligent solutions, we help companies provide quality, automated, and integrated service. Technology is an essential ally to retain customers and boost business closing," highlights Jansen.

Check out some of the main technologies recommended by the expert that can elevate service levels and boost businesses

1. Omnichannel Management for unified service

The integration of multiple service channels, such as WhatsApp, phone, email, and website, into a single platform provides a complete view of the customer, facilitating personalized interactions and increasing conversion chances.

2. Chatbots and intelligent agents with Artificial Intelligence (AI)

AI-powered customer service automation enables quick responses, immediate support, and personalized suggestions. This technology reduces waiting lines, improves the customer experience, and increases satisfaction and loyalty rates.

3. API Integration and Business Intelligence (BI)

Dígitro offers integration services between APIs and BI development, enabling companies to analyze data in real time. With this strategic information, decision-making becomes more accurate, directly impacting operational efficiency and results.

4. SaaS platform for managing WhatsApp Business

Companies that use WhatsApp as a customer service channel should have a secure and automated solution to manage numbers and templates, ensuring scalable communication, optimizing service, and enhancing communication with customers in an intuitive and strategic way.

META Consulting for WhatsApp Business optimization

To ensure that communication via WhatsApp aligns with META guidelines, it is essential to have specialized support for account activation and configuration, as well as consulting for template adaptation and business rule validation.

"With these solutions, companies can offer a faster, more strategic, and efficient service, ensuring a differentiated experience for consumers. Innovation in customer service is an essential competitive advantage, especially during periods of high demand and promotional dates," concludes Jansen.

XTransfer and Ouribank join forces to empower businesses and boost cross-border trade in Brazil

XTransfer, the cross-border B2B commerce payment platform that is the world leader and number one in China, and Ouribank, one of Brazil's leading foreign exchange banks, have established a comprehensive partnership. This collaboration aims to reduce the cost and processing time of cross-border payments for XTransfer customers, particularly benefiting Chinese and global merchants with significant markets in Latin America.

XTransfer is dedicated to providing foreign trade companies with secure, compliant, fast, convenient, and low-cost cross-border payment and fund collection solutions, significantly reducing the cost of global expansion and increasing global competitiveness. With over 600,000 corporate clients, XTransfer has become the number one in the sector in China.

Four decades of experience have made Ouribank a reference in the foreign exchange market. He is one of the pioneers of eFX technology and has been working with some of the largest foreign exchange fintechs in Brazil with FxaaS solutions since 2019.

The two parties work together in payment and exchange services. By integrating Ouribank's infrastructure, XTransfer can now offer clients a wider range of local payment and fund collection options. Global foreign trade companies with an XTransfer account can now receive payments in Brazilian reais (BRL) from their Brazilian buyers. Buyers in Brazil and Latin America can now pay Chinese and global suppliers in reais via PIX, without the complexities of currency exchange.

In addition to traditional trade clients, XTransfer has established relationships with the leading e-commerce platforms in Latin America. For e-commerce clients, XTransfer's partnership with Ouribank allows them to receive payments from Brazil through the XTransfer account, especially for Chinese customers, who can easily transfer the received funds to their domestic accounts via XTransfer.

According to data, China has been Brazil's most important trading partner since 2009 and is one of the country's main sources of foreign investment. Brazil was the first country in Latin America to surpass US$ 100 billion in exports to China and is China's largest trading partner in Latin America. In 2024, China's bilateral trade with Brazil grew by 3.5% year-on-year, totaling around US$ 188 billion.

When companies engage in cross-border payments, they often face challenges such as long transfer times, high costs, and losses due to exchange rate fluctuations. The new partnership between XTransfer and Ouribank benefits not only the global foreign trade companies involved in Latin American markets but also Brazilian companies working with international suppliers, especially in China. This collaboration helps to simplify and promote Brazil's cross-border trade transactions.

Bill Deng, founder and CEO of XTransfer, commented on the partnership, stating: "The partnership with Ouribank represents a significant milestone in our expansion into the Brazilian and Latin American markets. This collaboration not only drives XTransfer's global growth but also transforms the business experience for Latin American small and medium-sized enterprises. We look forward to the long-term success of this alliance."

Bruno Luigi Foresti, director of Ouribank, said: "In the currency exchange and payments segment, we serve companies of all sizes, from small entrepreneurs to large corporations, including international financial institutions that offer payment services in Brazil. With the Hub, we are advancing in the payment technology sector, delivering solutions that reduce friction in international transactions without compromising the tradition and expertise we have built over more than four decades. We are confident that our partnership with XTransfer will bring significant value to markets across Latin America."

54% of people in Brazil have already experienced fraud attempts via SMS: Norton highlights how to protect yourself

Smishing, a form of phishing that uses text messages to deceive victims and steal personal data or click on malicious links, is on the rise in Brazil. With the visible trend of mobile devices being used for digital transactions, cybercriminals may exploit potential vulnerabilities to spread malware, access confidential information, and commit financial frauds. According to a recent survey byNorton, cybersecurity brand ofGen™ (NASDAQ: GEN), 32% of Brazilians experienced an attempted scam this year, with 54% of these attempts occurring via SMS. In this context, Norton emphasizes the importance of digital education and protection against scams in the digital world.

“Smishing is a combination of the terms 'phishing' and 'SMS' (Short Messaging Service) and refers to attacks carried out through fraudulent text messages. Unlike traditional phishing, which occurs via email, smishing exploits the credibility of well-known services to deceive people and make them share confidential information, such as passwords, credit card numbers, and banking credentials. These attacks can result in identity theft, financial losses, and malware installation on victims' devices," says Iskander Sanchez-Rola, Director of Innovation at Norton.

Common smishing scams 

There are several types of smishing scams and here are some of the most common ones:

  • Fake package delivery notifications:One of the most frequent scams, especially during promotional seasons or holidays, involves fake messages from carriers like FedEx, UPS, or the Postal Service. These messages warn about package delivery issues or request tracking, with malicious links.
  • Financial scams:Cybercriminals often impersonate banks or financial institutions to obtain confidential data such as passwords, credit card numbers, and banking information. Messages usually alert about suspicious activities or request data updates.
  • Misleading confirmations:This scam uses fake purchase confirmations, commitments, or services, leading users to phishing sites where confidential information is requested.
  • Fake customer service:In this type of smishing, scammers impersonate customer service representatives of trusted companies, such as online stores or service providers, claiming there is an issue with the consumer's account. The messages contain links directing to fake websites, where confidential data can be stolen.
  • Fake Giveaways and Prizes:Nonexistent prize offers, such as raffles or giveaways, are often used to attract victims. The messages claim that the person has won something, but they ask to click on a link to "redeem the prize." This can infect the consumer's device with malware.

Iskander Sanchez-Rola shares how to stay safe by considering some digital security practices that can help reduce the risks of smishing:

  • Do not share personal information via SMS:Never provide confidential data, such as passwords, credit card numbers, or email addresses, through text messages.
  • Check the origin of suspicious messages:Be careful with unknown numbers or unusual formats, especially international ones.
  • Use two-factor authentication:This increases the security of your online accounts and adds an extra layer of security, even if you fall victim to a scam and your password is compromised.
  • Avoid clicking on suspicious links or files:An unknown link or file may secretly contain malware or lead to a fake website to steal personal information.
  • Contact the institution or company directlyto confirm any requests received via SMS.
  • Download a reliable antivirus softwareas theNorton 360, which protects against malware, phishing, and other digital threats.

The impact of coups on Brazilians 

In Brazil, four out of ten Brazilians (43%) who were targeted by scams ended up becoming victims. Of these (43%) consumers, 77% of the victims suffered financial losses. The average reported loss was R$ 1,211.46, with some cases reaching R$ 40,000.00. Similarly, in addition to financial losses, 33% of the victims had their personal data compromised.

Norton's research also highlights the main scams experienced by people (43%), who were victims of fraud. They are:

  • Payment scams (37%)
  • SMS attacks and smishing (25%)
  • Social media messaging scams (18%)

Methodology 

The study was conducted online in Brazil by Dynata on behalf of Gen, from December 5 to 19, 2024, among 1,002 adults aged 18 and older.

Joker case: leak affected thousands of credit cards in Brazil

ZenoX, a cybersecurity startup fromDefense Group and an artificial intelligence specialist against digital threats, conducted a detailed investigation into the leak of 3.4 million credit cards, called "JOKER". The incident, which was classified as the largest financial data leak so far in 2025, was attributed to the cybercriminal group B1ACK’S STASH, known for trading financial data on the dark web. The analysis revealed that malicious actors are stepping up their game by combining advanced phishing, e-commerce compromise, and artificial data generation to maximize impact and financial return.

Leakage strategy and methods
The campaigns identified do not appear to have been targeted at specific banks, but rather aimed at the mass collection of credit card data through different methods, such as:

  • Fake payment gateways;
  • Fraudulent websites;
  • Phishing by e-mail;
  • Man-in-the-Middle scripts on legitimate online stores.

The operating pattern shows that B1ack seeks to maximize its gains by reselling or using the stolen data. For this, explore markets of thedark web, forums ofcardingand direct transactions, strengthening its influence through an effective marketing strategy in the cybercriminal underworld,” says Ana Cerqueira, CRO at ZenoX

Impact and identified risks
Although the initially disclosed total was 3.4 million cards, ZenoX's investigation suggests that between 1.4 and 2 million records are authentic. Of this total, 93.96% remained active at the time of the investigation, representing a significant risk to consumers and financial institutions, especially in the Southeast Asian region.

It is also pointed out that a significant portion of the 3.4 million card records disclosed by B1ack may have been artificially generated and not obtained exclusively through legitimate breaches. Anomalies in CVV codes, expiration dates, and demographic data were identified, indicating significant artificial generation of some of the data.

“We estimate that between 40% and 60% of the records may have been created artificially. This artifice seeks to amplify the impact of the leak, increasing the reputation of the criminal group in the black market,” Cerqueira highlights.

The implications of this leak go beyond the immediate economic impact and highlight structural changes in the way compromised data is collected, manipulated, and commercially exploited. In this way, swift mitigation actions are required.

Brazil's exposure in the leak
Brazil ranks 40th among the most affected countries, with 3,367 compromised cards, representing 0.10% of the total. Despite the moderate exposure, the presence of Brazilian records is the largest in Latin America, surpassing Argentina (712), Chile (459), Colombia (139), and Mexico (2,791).

The analysis of IP addresses linked to national cards reveals a diversified pattern, indicating multiple phishing campaigns and possible e-commerce compromises, rather than a centralized attack. São Paulo leads in the volume of leaked data, reflecting its importance as a financial center.

The relatively lower exposure of Brazil, in contrast to the high concentration in Southeast Asia, can be attributed to factors such as differences in the security technologies of local financial institutions, the attacker's lesser focus on the region, or the geographical distance of B1ack's main operations. "Although it is not one of the most impacted countries, the presence of more than 3,000 compromised cards in Brazil highlights specific vulnerabilities that require the attention of financial institutions and regulatory agencies," concludes Cerqueira.

The full study carried out by ZenoX can be accessedhere.

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