Mexico: Mexican banks implement new security measures to tackle identity theft

Large banks in Mexico are preparing their branches to comply with new security measures implemented by the National Banking and Securities Commission (CNBV) to tackle identity theft.

Banks will now be required to register customers’ fingerprints and check them against the records of the National Electoral Institute when they open an account or take up a new product. Banks want to ensure that the technology installed in branches and the experience of collecting biometric information is user-friendly and they plan use mobile devices to register this information.

According to the National Commission for the Protection and Defense of Financial Services Users (Condusef), there were 78,000 possible cases of identity theft during the past year.

Banks are expected to take advantage of the new solutions aimed to beef up authentication process, with some planning to use them in their digital platforms. This would enable the banks to ensure they have robust authentication controls when someone, for instance, attempts to apply digitally for a lending product. The identity of the customer could be confirmed through a selfie or a video conference with the bank.

Improving the security of digital banking would help the country’s banks with their efforts to reassure customers those channels are safe. According to RFi Group data, security continues to be the key consideration when using digital banking, particularly when banking via mobile devices, and security concerns are the principal barrier quoted by those who current shun the channels.

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