With biometrics, banks shield themselves against fraud

With biometrics, banks shield themselves against fraud

Asobancaria's studies revealed by Tekbees indicates that $ 33.000 million are lost per year due to the impersonation of people in the financial system.

To prevent the fraud that is occurring in Colombian financial institutions, several alternatives have been explored to provide the best and greatest protección to entities and end users. Andrés López Ortegón, CEO of Tekbees recalled that recent studies by the Banking Association and Financial Institutions (Asobancaria) show that about $ 33.000 million are lost per year due to issues of impersonation of people.

“The impersonation presents its self in a lot of different ways”, says López Ortegón. One form is duplicating the citizenship card with different data. “There’s an advance that Colombia has made thanks to the Registraduría Nacional (Nacional Registry) that consists in opening the possibility of identifying the identity of any Colombian”, working together with banking entities that are already implementing biometrics systems.

The technology firm, Tekbees, believe that globalization is an important factor in the increment of economic crimes such as electronic fraud and economic cybercrime. “These crimes have been gaining much importance that, in September of 2017, 198 million computer attacks have been registered in only Colombia, and a loss of 6.179 million dollars has been generated. Colombia is the fifth country with a greatest impact in Latin America with 39.56% of attacks in the financial sector”, says the report.

Currently several companies are developing biometric technology. For example, several banks of the Grupo Aval (Aval Group) are advancing processes to implement a greater security in the provision of banking services.

It is estimated that by 2018, a good volume of banking entities will already be implementing biometric technology.

Tekbees considers that the impersonation of people becomes a crime for their own benefit, generally economic. Only in 2016 in Colombia, there were a total of 28.004 complaints (corresponding to 2% of the total annual complaints) of alleged spoofing in all the banking entities in the country.

The data shown by Tekbees highlights that the most outstanding complaints were: 49 for severance, 1.116 for consumer and commercial credit, 345 for current accounts, 1.271 for savings account, 80 for micro-credit cases, 55 for pension cases and 24.960 for credit card cases.

The biometric system in Colombia dates back to about 15 years when Bancafé placed the biometric system in ATM’s, but in that time the results weren’t the best; the system failed. But in current days many companies have already have identification through the fingerprint.

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Last modified onMonday, 09 April 2018 20:58
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