Meet the

Overview of fraud management

in Latin America 2023

Fraud does not allow breaks

63% observed an increase in fraud incidents during the last year.

Fraud continues to be a growing challenge for organizations. 63% saw an increase in incidents and 21% reported that it remained at the same level, with only 15% seeing a decrease in the number of incidents.  

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High incidence of digital fraud

Digital banking and cards continue to be the channels most affected by fraud incidents. This finding not only highlights the importance of safeguarding the security of these channels, but also fraudsters' preference for channels that they can exploit in a scalable manner.

The fight for the budget

24.5% saw a reduction in their budget for investment in anti-fraud or cybersecurity technology compared to 2022.

While most have seen positive changes (or at least no negative changes), it was noted that almost a quarter of the institutions received a reduction in their investment budget for anti-fraud or cybersecurity technologies.

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Predominance of transactional monitoring

The ubiquity of transactional monitoring as a fraud prevention model demonstrates how essential it is for this purpose. However, there are multiple other prevention models that can be implemented to improve fraud risk detection and mitigation capabilities.

Opportunity to orchestrate

66.3% have no orchestration models for their fraud prevention systems or only partial implementations.

The vast majority of institutions have not orchestrated their fraud prevention systems or have only partially orchestrated their systems. They still have the opportunity to implement orchestration models to leverage their advantages and improve their fraud detection and response.

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The cloud: the future of prevention

Less than a quarter of the institutions have not considered the future migration of their fraud detection and prevention systems to the cloud. A minority already have these services in the cloud, while the remaining majority are already planning their total or partial migration.

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