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The multi-billion dollar losses suffered by Latin American banks due to malicious web attacks are only part of the risks faced by financial entities. In addition to cases of identity theft, where fraudsters seek to obtain confidential information such as usernames, passwords or credit card numbers, financial entities in the region are also suffering from more frequent internal fraud committed by their own employees selling information on clients. Nevertheless, the good news is that although increasing from very low levels, the IT budget area that is growing most in financial institutions in the region is investments in security.
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