According to the Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (Condusef), identity theft scams have skyrocketed by 77% in Mexico, with users claiming over 11 billion pesos last year. This staggering figure has prompted institutions and authorities to sound an alarm about the growing menace.
The data released by Condusef shows that banks in Mexico faced a surge in identity theft scams, with users reporting losses of 11.302 billion pesos in 2024 – a whopping 77% increase from the previous year. The number of complaints has also risen, with over 36,428 cases reported in 2024, representing a 9% jump compared to the previous year.
Experts warn that women are disproportionately affected by identity theft scams, with Círculo de Crédito estimating that four out of every ten women have fallen victim to this practice. Despite the alarming numbers, institutions have been slow to respond, with Condusef revealing that only 157 million pesos were paid out to affected users last year – a paltry 1.4% of total claims.
The growth of identity theft scams is part of a larger trend, with users reporting losses of over 33 billion pesos in 2024 due to various types of financial fraud. This represents a 7.2% increase from the previous year and accounts for 75% of all complaints filed against banks.
In response to the crisis, authorities are calling for greater vigilance and cooperation among institutions, regulators, and consumers. Tec-Check, an organization dedicated to protecting online users, emphasizes that the prevention of identity theft scams requires a shared responsibility among stakeholders.
According to Fiorentina García, cofounder of Tec-Check, there is a need for improvement in two key areas: education and divulgation, as well as monitoring and sanction. García argues that authorities must do more to educate consumers about the evolving nature of identity theft scams and the sophisticated tactics used by scammers.
Moreover, García emphasizes the importance of effective monitoring and sanctions to prevent identity theft scams. She advocates for better coordination among Condusef, cybersecurity police, and fiscal bodies to investigate complaints and bring perpetrators to justice.
Consumers are also demanding greater action from institutions to protect their personal data. García notes that it is crucial to recognize which banks have robust cyber security measures in place, such as double authentication systems and sophisticated data protection protocols.
As identity theft scams continue to plague Mexico’s banking system, authorities and consumers alike must work together to address this growing threat and safeguard financial security.
Source: El Universal
