Inside the Rising Cybercrime Threat in Latin America

guest · Feb 27, 2020

Inside the Rising Cybercrime Threat in Latin America
IntSights report highlights ‘cultural acceptance of cybercrime as an alternative way to make money’
February 27, 2020
https://www.securityweek.com/inside-rising-cybercrime-threat-latin-america

A cyber intelligence firm was asked by a Columbian bank customer to investigate the persistent phishing campaigns it had been experiencing. This triggered a wider examination of cybercrime across the whole Latin America region -- and discovered a melting pot (described as a 'perfect storm') of social, geopolitical and economic conditions promoting a dramatic rise in cybercriminal activity.

Some of these people are turning to cybercrime as a means -- if not the only means -- of earning money.
Secondly, there is a high use of the internet among a huge population with a low awareness of cyber security awareness.
Thirdly, bribery and corruption within law enforcement and government agencies is relatively high.

The investigation was undertaken (PDF) by IntSights, with additional assistance from CipherTrace (to examine the role of cryptocurrency) and Scitum (a large Mexican MSP that could provide local knowledge).
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But there is a darker side to the Latin American hacking scene. Drug cartels are beginning to recruit the more sophisticated hackers to help with money laundering, ATM thefts, and breaking into bank networks.

"[...] -- it's easier to use a hacker to syphon money out of an ATM than to break into one, or rob a bank."

Cryptocurrency has the effect of globalizing cybercrime. In the past, much of Latin America's cybercrime was local, caused by language and money transfer issues. Cryptocurrency has removed the latter. Cryptocurrency tumbler or mixer services mix possibly tainted money with other money while simultaneously obfuscating the source through multiple 'hops' through TOR.
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Intsights: The Dark Side of Latin America: Cryptocurrency, Cartels, Carding, and the Rise of Cybercrime
Report: (PDF - 4.98 MB): https://wow.intsights.com/rs/071-ZWD-900/images/Dark%20Side%20of%20Latin%20America.pdf

The Dark Side of Latin America (LATAM) explores the unique threat landscape in the region, which is defined by geopolitical dynamics, government corruption, organized crime, and persistent attacks on industries such as retail and financial services.

Download this report to learn about:

Emerging threats in the region targeting global organizations

How cybercriminals use cryptocurrency to circumvent authorities

The economic impact of Latin America's cybercriminal underground

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