Brazilian companies with annual revenues exceeding US$1 million (R$5.6 million) may have lost at least US$100,000 — more than R$565,000 — to cybercriminals, according to the Brazil Fraud Industry Pulse Survey 2025, conducted by Veriff, an Estonian unicorn specializing in digital fraud prevention and cybersecurity. The study reveals that online fraud impacted the revenue of more than 80% of Brazilian companies.
The financial impact of digital fraud on Brazilian businesses is significant: more than a fifth (20.5%) of Brazilian professionals surveyed reported losing at least 10% of their revenue due to fraudulent activities. This number puts Brazil ahead of countries like the United States (13.5%) and the United Kingdom (9%), highlighting the seriousness of the local situation—a loss that often compromises investments, operations, and growth.
This scenario reinforces the urgent need for companies to implement more robust digital security measures. In fact, 79.5% of Brazilian experts say that their customers are demanding more effective fraud prevention strategies, signaling a change in behavior and a growing awareness of online risks. As a result, consumer trust has become a strategic asset, and meeting security expectations is now a clear competitive advantage.
AI: a double-edged sword
Artificial intelligence (AI) has played an increasingly ambiguous role in the digital security landscape, being used by both criminals and businesses. While the intelligent and ethical use of AI can be crucial for protecting data, reputation, and revenue, Veriff research shows that 69% of experts have observed an increase in the use of the technology by fraudsters. At the same time, 69.5% of companies are also adopting AI to strengthen their digital security.
The most common types of fraud in Brazil
Veriff's research identified the three main types of fraud affecting Brazilian companies. The most frequent is malware (53%), which uses malicious software to infiltrate systems, steal data, and spy on operations—often without being detected. Second is document fraud (40%), which involves the use of falsified or altered documents to simulate legitimate identities and access financial services. Finally, authorized fraud (36%) occurs when the customer is tricked—usually through phishing —into approving a fraudulent transaction, making this type of scam especially difficult to identify and reverse.
The data reinforces the urgent need for more robust identity verification solutions and improved digital literacy among users to prevent financial losses.
Web Summit Rio 2025: Fraud prevention is not just a technology, but a culture
Veriff's participation in Web Summit Rio 2025 further reinforces the warning raised by the company's most recent research. Kaarel Kotkas, founder and CEO of Veriff, participated in the panel "Scamdemic: How fintechs are fighting back," alongside Rodrigo Tognini (Conta Simples) and Lucas Vargas (Nomad), moderated by Kimberley Waldron (Started PR). They highlighted how all fraudsters have something in common: a bank account, hence the need to think like a fraudster. "They share information quickly and attack on a large scale. Just as criminals act in an organized way, the financial and technological sectors also need to evolve in collaboration and information sharing to protect the ecosystem as a whole," Kaarel emphasized.
The CEO of Veriff explained that fraud prevention should be seen not only as a matter of technology or business strategy, but as part of the company culture. According to him, ignoring this need can jeopardize a significant portion of company revenue. And this impact also falls on the end consumer, who ends up bearing higher costs to compensate for the losses generated by fraud: "Honest users end up paying a kind of 'trust tax' to cover the actions of bad actors," he assessed.
Kotkas also drew attention to the effects of the loss of digital trust: “If a person suffers a financial blow, they tend to avoid the entire sector for a long time. Therefore, preserving trust in the online environment is fundamental to ensuring that innovation continues to bring benefits to society.”.
When addressing the new challenges facing the sector, Kaarel also pointed out that solutions that worked in the past are no longer sufficient given the rapid evolution of fraudsters. "Fraud evolves very quickly, and criminals have access to the most modern tools, and they use them."
According to him, Brazil is a clear example of these transformations and challenges. He highlighted the innovation in the country's financial system, such as the advancement of Pix (Brazil's instant payment system) and the use of biometric databases for identity verification. However, he warned that relying solely on a single technology, such as biometrics, can be risky: "No single solution is sufficient, therefore, it is essential to combine biometrics with behavioral analysis, contextual data, and multiple verification points to strengthen security, as counterfeiting techniques are very advanced," he explained.
The expert warned about the accelerated pace of new payment methods and the risks they bring. "Instant payments mean instant fraud. If payments are fast, responses against fraud also need to be even faster," he concluded.
On the final day of the event (April 30), Kaarel will also participate in the panel “Can we trust a fully digital government?”. The session will bring together experts in cybersecurity and AI ethics to analyze the opportunities and challenges of building fully digital government infrastructures, as well as discuss whether these systems can, in fact, be secure or if they pave the way for potential cyber threats.
Opening of technology hub in São Paulo reinforces Veriff's commitment to Latin America
As part of its global expansion strategy and growing focus on the Latin American market, Veriff's participation in Web Summit Rio 2025 was marked by the inauguration of its first technology hub in Brazil. The new headquarters, which represents an investment of R$ 17 million (US$ 3 million), is strategically located on Avenida Paulista in São Paulo — one of the world's leading economic centers, known for its mature ecosystem of talent, technology hubs, infrastructure, and investments.
The inauguration event brought together business leaders and authorities from Estonia and Brazil. Kaarel Kotkas, along with Roberta Guedes, Head of Regulatory Compliance and Privacy Manager at iBetta, and Diego Perez, president of ABFintechs, participated in the panel “Unlocking business growth with real people in the age of AI”, moderated by Maurício Guidi, partner at the Pinheiro Neto law firm.
This strategic move follows a period of significant growth in the region, with Veriff recording a more than 2.5-fold increase in business volume in Latin America in the last year. The company's arrival in Brazil is part of a strategic plan to get closer to local customers, understand the specific needs of the Latin American market, and expand its presence with regional roots.
