“We are looking for additional security elements. We do not want fraud to occur (in the future), “Julio César Cervantes Parra, president of the National Retirement Savings Commission (Consar), told Expansión.
“We see legitimate that the Consar takes actions to have a system that is shielded and safe,” said the president of the Mexican Association of Retirement Fund Administrators (Amafore), Guillermo Zamarripa.
However, he added, three Afores considered the current authentication system robust enough.
On August 8, it was announced that, in addition to biometric data, the Afores will ask their savers for a personal identification number (NIP) to make movements with their resources.
According to Consar, at the end of June there were more than 73.4 million accounts in the country managed by the 10 Afores in the sector, with resources that exceed 5.568 billion pesos.
“What we are looking for is to shield the system. The average balance of the account is 86,000 pesos, but there are administrators that have more than 130,000 pesos”, highlighted the president of Consar.
“Trading in the digital world is easier and more convenient, but there are also increasing concerns about security. You have to see it in that dimension: try to shield the system and avoid bad practices”, Zamarripa commented.
Both interviewees affirm that up to now no fraud has been detected, but that there have been attempts at this crime. “They are counted on the fingers of one hand, and we have identified them through an administrator who informed us and did not proceed to carry out the transaction,” said the head of the Consar without giving further details in this regard.
“The scheme by which an attempt was made to make a withdrawal was already known and all the Afores are prevented so that this does not happen,” he added.
It is thought that the PIN is similar to the one used in banks, with digits, a confirmation code will be generated. Only in some cases it will be necessary to go to the branch.
The electronic signature, he specified, has a biometric element -the most important element- although in some cases, especially in the elderly, the fingerprint is not read correctly.
It seeks to protect operations that involve withdrawals, whether due to unemployment, marriage or pension resolution.
Likewise, Cervantes Parra said, transparency is being provided so that the Afores can design models that adapt technology so that operations “become increasingly safer.”
Process improvement avoids inconsistencies that later have to be corrected.
The challenge
Now that the personal identification number will have to be generated, the main challenge will be to develop a mechanism through which it is efficient and convenient to obtain it, as well as to detect the reasons why people generate or not the personal identification number.
“It can be quite laborious in a matter of time. Not all Afores have many offices. What worries me the most is the logistics process of getting people to do it. Therein lies the great challenge and the great question”, explained the head of Amafore.
As procedures are carried out at the Afore, the PIN will be required. The Consar will be in charge of publishing tutorials and instructions to generate it.
“In the coming months we will be watching, seeing how the adoption occurs to see if the mechanisms provided are adequate, or if it is necessary to expand and have other mechanisms so that it is easy for people to obtain their PIN,” said Guillermo Zamarripa.
security recommendations
Among the security recommendations made by the directors of Consar and Amafore are the following:
Procedures are free at 10 Afore and at Consar. “It is not necessary to go to coyotes to carry out a procedure,” said Julio César Cervantes, head of Consar.
Only use the official Afore and Afore Móvil applications, available on Android and iOS.
If in doubt, do not click on the links that may come in emails.
That the provisional advisor does not have access to the PIN or personal information.
Consar is also strengthening the communication strategy between the Afores and their account holders.
For example, the administrators are required to contact their pensioners before the retirement period arrives to guide them in the pension process. “All with the objective that people prepare their retirement well and know their rights,” said Julio César Cervantes.