Financial cyberattack exposes failures in Brazil
- Cyberpeace Tech
- Jul 9
- 2 min read
A recent financial cyberattack shook Brazil, marking a critical point in the history of its banking system. In a matter of hours, cybercriminals transferred more than 800 million reais (approximately $148 million) from the Brazilian Central Bank to foreign accounts, using illegally acquired legitimate access.
This case serves as an important warning for countries such as Mexico, where the digitization of payments is also advancing rapidly.
An internal leak triggers the attack
Access to the systems was not through complex malicious software, but through an employee of a technology company contracted by the Central Bank. In exchange for money, the worker handed over his credentials and explained how to operate on the platform.
This entry point demonstrates that human failures continue to be one of the biggest risks in financial cybersecurity.
The company in question was an intermediary between small banks and fintechs, similar to the model used by some technology companies in Mexico. Once with access, the criminals issued transfers that did not generate alerts, sending funds to entities in Brazil, Paraguay and Argentina. Some of the money was quickly converted into cryptocurrencies, making it difficult to trace.
Repercussions for institutions and users
At least six financial institutions were impacted, including operators offering banking services to third parties. One of them reported losses close to $100 million.
The financial authority reacted by disconnecting the company involved from the immediate payment system, causing a temporary suspension of services for companies and citizens.
In Mexico, where the CoDi (Cobro Digital) system is used, this incident calls for an urgent review of the dependence on third-party technology and the need for constant monitoring, especially in institutions that integrate multiple platforms.
The use of cryptocurrencies as an escape route
Following the theft, the attackers moved large sums to cryptocurrency exchange platforms in Latin America. This practice has become increasingly common in financial crime, due to the difficulty in tracing funds in decentralized systems.
Despite this, Brazilian authorities managed to block around $50 million before it left the formal financial system. The rest remains under surveillance with the support of experts in blockchain transaction analysis.
What can Mexico learn from this case?
This cyberattack evidences that the greatest risk is not always technological, but human. To strengthen financial cybersecurity, the following measures should be reinforced:
Multifactor authentication on all sensitive access
Continuous monitoring of privileges and access
Constant evaluation of third-party providers
Cybersecurity education for employees
Mexico, which is also undergoing a process of accelerated financial digitalization, can use this case as a model to review protocols and prevent similar incidents.
At Cyberpeace, we invite you to stay up to date on digital risks and how to prevent them. Being informed is the first step to protect your data and your online security. Want to learn more about financial cybersecurity and how to avoid digital fraud? Follow us on social networks and be part of a cyberprotected community.
Comments