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 Technology News | August 2006 
Agency Wants Banks to Boost Online Security
 Romina Román Pineda - El Universal
| | Complaints or copies of suspicious emails should be sent to the address alertaphishing@condusef.gob.mx. |
The National Banking and Stocks Commission (CNBV), which regulates Mexico’s financial industries, has turned its sights on the online banking sector, which has been plagued by fraud in recent years.
CNBV officials are “frequently” meeting with industry leaders to demand stronger internet security, according to sources in the agency. If minimum security precautions aren’t met, the commission could temporarily suspend online services for financial institutions with lingering security questions. The CNBV will also make it mandatory in coming months for banks to warn consumers of the risks of online banking.
According to the nation’s public banking watchdog agency, the National Commission for the Protection and Defense of Users of Financial Services (Condusef), internet fraud has jumped dramatically — from a reported US$14 million in 2004 to US$50 million in 2005. The firms that have had the most complaints of online fraud are: BBVA Bancomer, Banamex, Santander Serfin and Scotiabank Inverlat.
One of the highest profile cases is a lawsuit that Grupo Bursátil Mexicano has leveled against Banamex. The trading company claims it lost US$14 million in electronic fraud.
Another complaint that has grown in frequency is false emails that appear to be sent out by a bank in which internet users are asked to go to a webpage and enter their name and account number. The emails often warn that a users´ internet account will be deactivated if the information is not entered. One of the most frequent fraudulent emails is designed to look like a message from Spanish-owned Santander Serfin bank.
The Condusef warns users not to enter account information if such an email is received, “or they will be putting their estate in danger.”
Complaints or copies of suspicious emails should be sent to the address alertaphishing@condusef.gob.mx. |
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