During the Covid-19 pandemic, banking operations through digital channels have shown significant growth; while cyber frauds –although new modalities have emerged– show a decrease.
Daniel Becker, president of the Association of Banks of Mexico (ABM), explained that from January to August 2021, 1,048 million Internet banking operations were carried out, which represented a growth of 21% in its annual comparison.
When participating in the webinar “Perspectives 2022: the means of payment” organized by Prosa, he explained that, in the same period, 1,200 million transactions were carried out through mobile banking, an increase of 77%; while card transactions in electronic commerce rose 64% to reach 407 million.
The Chairman of the bankers mentioned that these figures represent, at the same time, challenges such as those related to fraud.
However, he assured that although new forms of electronic fraud have emerged, as a result of a campaign that the ABM has launched and other measures, these have been reduced by 7 percent.
“We will continue with an information campaign so that electronic media continue to be an element of competition, scale, efficiency, a better experience for the user, but also to avoid fraud,” he said.
Jean-Marc Mercier, CEO of Invex Banco, stressed for his part that, as a result of the pandemic, banks underwent a radical change in the behavior of their customers, and that they began to pay digitally.
He agreed that although digital transactions increased significantly, this has not been the case with fraud.
“Fraud exists, but people realized that, in a way, it was controlled. There began to be other means, but the transactions themselves began to work and it also allowed us to make all our processes more efficient ”, he said.
He recalled that the new forms of fraud are included, there is one in which criminals try to impersonate the identity of the client. “All of this led us to adapt to this type of fraud.”
Biometrics and other measures
The president of the ABM highlighted the use of biometrics to combat this type of fraud, which, in banks, is already mandatory, at least registering the fingerprint when new products are contracted.
However, he considered that it should be approached as a public policy and gave as an example the case of India, where there is already a single biometric database that all participants in the system use.
Other elements that he mentioned as alternatives to face fraud are: Artificial Intelligence, machine learning, dynamic CVV, but he also emphasized greater financial education not only for the new generations, but for the entire population.
“People have to understand the importance of how to handle their electronic media.”
Daniel Becker announced that the ABM will have a constant education campaign on how to prevent cyber frauds.
For his part, the CEO of Invex, pointed out that in physical channels such as credit cards, fraud has practically been eliminated, due to the use of the chip and other tools; however, the challenge now is in the digital channel.
Reference-www.eleconomista.com.mx