BancoEstado Sees $20M+ Fraud Losses in Chile

BancoEstado estimated that losses from card fraud would exceed $20 million in 2026 and that the total over the past five years would approach $400 million, according to El Dínamo. The pressure from these crimes comes as Chile sees more complaints over unrecognized transactions and continues to face credential theft schemes such as phishing and SIM swapping.

What do the 2026 fraud complaints show?

An analysis by Chócale and ExpertsFraud recorded 451,548 fraud reports tied to unrecognized transactions in accounts, cards and payment methods in Chile during the first half of 2026. Within that total, debit cards accounted for 104,971 complaints worth 25,549 million pesos, while credit cards totaled 78,165 cases worth 39,147 million pesos, according to the same review.

The study also attributed to BancoEstado 70,088 users who completed the formal complaint process and 25,968 million pesos in fraud-related payouts during the first half of 2026. For the banking sector as a whole, the amount claimed would have reached 88,960 million pesos, according to that analysis.

What attack vectors are still in use?

An analysis published in Chile said phishing remains among the main forms of cybercrime targeting users and companies. The technique relies on impersonating banks, companies and public institutions through calls, text messages, emails or fake websites to obtain credentials and financial data.

T13 also added an explanation of SIM swapping, a method in which the attacker takes control of the victim's phone number and can ask the bank to recover the victim's access credentials. That description reinforces the focus on seizing authentication channels as part of the scams affecting bank customers and payment users.

How does this connect to BancoEstado's losses?

The El Dínamo estimate places BancoEstado at the center of the financial impact from card fraud, with a projection above $20 million in 2026 and a five-year total near $400 million. That figure sits alongside the complaint volume reported by Chócale and ExpertsFraud, where the bank appears with 70,088 users who filed formal complaints and 25,968 million pesos in disbursements during the first half.

Taken together, the data points to a scenario in which unrecognized transactions, phishing and other forms of impersonation continue to drive financial pressure on banks and customers in Chile.