The most common crimes have to do with identity theft, the theft of information, with which criminals can access your bank accounts and biometric data, commented Ricardo Darling, director of cybersecurity at C3ntro Telecom.
When cybercriminals have access to your cell phone, they can take photos of you or record your voice without you realizing it, and with that access your bank application; They can also save your passwords when you type them to enter any app, he added.
Given this panorama, the challenge for financial service providers – traditional banks and fintechs – is to improve the elements of identity verification. Currently, personal identification numbers (PIN) and biometric data, among others, can be used.
“Mixing certain biometric and identity mechanisms will allow us, I’m not saying eliminate fraud, but we will limit it,” said Juan José Domínguez, founder of Cincel, a trust services company such as digital signature, background check and biometrics.
The National Banking and Securities Commission (CNBV) seeks to ensure that banks use the best possible tools to combat digital fraud.
At the Latin American level, Mexico is second in cyber attacks and risks, surpassed by Brazil, related to people issues. “That is where, as a country, we need to emphasize the cybersecurity risks that exist,” Darling highlighted.
The challenge
Just as criminals are constantly evolving, financial service providers are also doing so. “Biometrics or proof of life is one of the ways to combat fraud, and its combination with other checks,” details Guilherme Terrengui, spokesperson for Sumsub, a biometric verification company.
Institutions have the challenge of balancing the issue of security with the service experience. “Don’t let it be a headache of three or four pieces of information before making a move,” said Ricardo Darling.
Fintechs are the companies that have best implemented digital solutions for identifying their customers. The fact that processes are digitized makes them easier to measure and, at the same time, helps to improve processes, says Domínguez de Cincel.
This year it was announced that the Afores will not only use biometric data to make movements in individual accounts. Now it will also be necessary to use a PIN.
Terrengui noted that criminals can now edit biometric data. Hence the importance of having more security locks.
“The more authentication elements we have, the more complex it will be for cybercriminals to perpetrate fraud,” said Darling of C3ntro Telecom.
Security recommendations
Security cannot be solely on the side of financial service providers. Users also have to do their part to combat this type of crime.
To reduce the possibility of being a victim of cyber fraud, those interviewed share the following recommendations:
- Do not share your PIN or password with anyone
- Take care not only of passwords and PIN, but also of biometric data, your RFC and all your personal data
- Do not click on links that are sent to you by email or text message or WhatsApp
- Verify that you are going to enter the official site of your bank or institution
- If you suspect that it is a hoax, contact the institution through its official channels
- Do not connect to public networks