Boleto hack may lose Brazil $3.75bn

Boleto hack may lose Brazil $3.75bn http://www.bbc.co.uk/news/technology-28145401

Researchers from an American security company have unearthed a substantial malware-based fraud ring.

The operation has infiltrated one of Brazil’s most popular payment methods, Boleto, for two years.

An estimated 495,753 Boleto transactions have been compromised, which means the hackers could have stolen up to $3.75bn (£2.18bn).

Researchers say it is not known whether the fraudsters were successful in collecting on all of the transactions.

Boleto Bancario allows an individual to pay an exact amount to a merchant and can be used for almost every kind of transaction, from the weekly shop to phone bills.

Boletos can be used and generated both online for electric transfers and offline with printed paper.