Tag: brazil mobile payments

Brazilian mobile payments platform hacked

Boleto reports that it has been compromised by malicious attack

Brazil’s mobile payments platform Boleto has announced that it has been hacked. The platform is the most popular of its kind in all of Brazil, which has made it a target for malicious groups seeking to exploit financial information. The attack has brought more attention to the issue of mobile commerce security and could have a major impact on whether or not people will participate in mobile commerce in the future.

Some $4 billion has been stolen from Boleto

Boleto notes that the hack occurred over a two year period, with some 500,000 transactions being compromised over that timeframe. An estimated $4 billion in mobile payments has been stolen as the result of the attack. It is still unclear whether or not all of the money involved in the attack has been obtained by the parties involved. Some of the funds may be caught in a sort of digital limbo, waiting to be accessed at a later point in time.

It may take time before money is returned to those affected by the attack

Mobile payments - hackBoleto users were tricked into clicking malicious links sent via email as part of phishing ploys. These links were delivered to several thousand consumers that make use of Boleto somewhat regularly. The attack may affect people’s trust in the platform and in mobile commerce in general. Those affected by the attack may have their money returned, but it could take a significant amount of time for the issue to be adequately resolved.

Mobile commerce security is again thrust into the limelight

Mobile commerce security is an important matter that has yet to see any significant attention from consumers. Platforms like Boleto take steps to ensure the security of the financial information that they are responsible for, but few consumers take the time to ensure that they are adequately protected. Without taking steps to protect themselves, consumers could be exposed to inordinate risks to their financial information. High profile attacks, such as those that have recently targeted prominent mobile platforms and retailers, may be enough to encourage consumers to take security more seriously.

Mobile payments law approved by president of Brazil

This brings regulations for smartphone based transactions into the country, making the tech usable.

Dilma Rousseff, the President of Brazil, has now given approval to a brand new law that brings regulations to the mobile payments sector into the country in order to guide the businesses and consumers who wish to take part in this type of transaction.

This new law has formed an identity within the country that will make the transactions possible.

The law, which is number 12,865, has created a new form of legal identity, now known as a “payments institution”. This entity will receive its regulation from the Brazilian Central Bank. It will meant that consumers in Brazil will be able to take advantage of mobile payments and banking services from banks, financial institutions, and merchants.

These mobile payments will be targeted particularly toward consumers in the lower income brackets.

mobile payments BrazilThe original intentions of the government were outlined in plans for the regulation over mobile payments as a whole in Brazil, back in May of this year. That original introduction came in the form of a bill that required common standards for this type of transaction that would be maintained throughout the country. It also stated that these services must be interoperable among the various smartphone based transaction programs in the country.

More recently, in September, the Chamber of Deputies and the Brazilian Senate both gave their approval to the mobile payments bill. From that stage, it was moved onward to the desk of the president in order to make it possible for it to be passed into a law.

Now that the president has, indeed, approved the law, it is up to the Brazilian Central Bank to be able to come up with the rules for mobile payments operators to follow in order to offer this type of transaction. The Brazilian Central Bank has 180 days as of the signing of the law by the president in order to create those regulations to be followed by that sector of the industry. The near future will be very defining to the ability of Brazilians to be able to pay using their smartphones.